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July 18, 2024
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Polygon NFT’s Exploding- Here’s Why MATIC Price May Never Drop Below $1

The post Polygon NFT’s Exploding- Here’s Why MATIC Price May Never Drop Below $1 appeared first on Coinpedia Fintech News

AI-based tokens like Fetch.ai, SingularityNET, the Graph Token, etc have been on the rise throughout the week. It appears that the launch of ChatGPT and Microsoft’s investment in it did the job easier for the bulls. Amid the growing popularity of novel technologies, 

Besides, Polygon is among the chains which have shined among the other Layer-2 scaling solutions. The upcoming mainnet upgrade with the inclusion of the zk-EVM could  Polygon chain has been able to maintain a notable strength, flashing possibilities of testing higher targets in the coming days. 

Swelling NFT Adoption

Ethereum is the leader of the DeFi and NFT space at the moment. However, other chains are also emerging as strong competitors including Polygon. It is the 4th largest NFT space by sales volume recording sales of $3.35 million with a jump of 30.64%. The no.of transactions also spike by more than 73% in the past 7 days where-in Ethereum experienced a drop p 4.16%. 

Moreover, the daily volume of Opensea, one of the popular NFT marketplaces witnessed a major spike in the past couple of days accumulating more than $18.5 million. 

Meanwhile, the monthly volume of Opensea on Polygon has surpassed $30 million in the first 10 days which is the highest level since May 2022. It is interesting to note that the total NFTs sold remained relatively low compared to the past 2 months. It indicates that the value of the NFTs on opensea has risen significantly. 

How Will it Impact the MATIC Price?

The Polygon price has been displaying immense strength ever since the price rebounded from its bottom below $0.4 in June 2022. The price trigger a notable upswing since the beginning of 2023 and also broke above the ascending triangle in the past few days. While the price appears to be poised to reclaim the levels above $1.5, the prevailing bearish pressure may not hinder the progress of the rally. 

The MATIC price has a strong support base slightly above $1 and has also acted as a trend reversal zone. Therefore, even if the price drops, it may trigger a rebound from $1.04 levels and rise high to surge beyond $1.5 after facing a slight hindrance at $1.4 levels. Collectively, the Polygon(MATIC) price appears to be extremely bullish in the long term and is hence believed to maintain a firm upswing ahead.

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