Polygon witnesses a surge in NFT sales as…

• Polygon NFT sales and buyers spiked to around 39,000 and 23,000.
• MATIC price continued to decline as the bear trend commenced.

In the past 48 hours, the Polygon network experienced a fascinating surge in NFT buyers and sellers, bustling with activity across various marketplaces. But let’s delve deeper into the concrete data and discover what the numbers truly reveal. Is there a meaningful connection between this trend and the MATIC movement? 

Read Polygon (MATIC) Price Prediction 2023-24

Polygon NFT metrics spike

24 July brought exciting news from Today in Polygon, revealing a surge in NFT sales and buyers on the Polygon network.

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BREAKING

Polygon NFT sales and buyers are skyrocketing📈 pic.twitter.com/POsiXWiiB1

— Today In Polygon (@TodayInPolygon) July 24, 2023

A closer analysis of data from Dune Analytics highlighted a remarkable spike in sales on 23 July. This impressive surge wasn’t limited to one marketplace; it encompassed all the platforms operating on the network, with OpenSea leading the charge.

The recorded total sales skyrocketed to an impressive figure, crossing the 39,000 mark. However, as of the latest update, the numbers have dipped significantly, with total sales across all marketplaces now at less than 14,000.

On the buyer side of the equation, a similar trend was observed. The metric experienced a significant spike on the same day, but the total number of buyers remained comparatively smaller, just shy of 23,000. Presently, the number has dwindled further to less than 10,000.

Analyzing the Polygon NFT volume

Interestingly, a cross-check of the NFT sales count in USD on Santiment revealed a different picture than the Dune Analytics spike. The trade volume on Santiment’s chart showed a significant drop after witnessing substantial numbers at the beginning of the month.

For instance, on 3 July, the trade volume peaked at around $7.3 million, but as of the latest data, it had dwindled drastically to a mere $4,300. This sharp decline indicated a considerable fall-off in USD volume on the platform.

Moreover, delving into the unique addresses that bought NFTs worth more than $100,000 and $1,000 also revealed a substantial decline. This finding further emphasized the lack of correlation between the apparent spike in NFT sales and buyers and the overall trade volume.

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Despite the exciting surge in buyers and sellers on the Polygon network’s marketplaces, the actual transaction volumes in USD needed to align with this trend.

How much are 1,10,100 MATICs worth today

Shaky MATIC support 

On the daily timeframe, Polygon (MATIC) continued the price decline that occurred in the previous trading session. At the time of this update, the token was trading at approximately $0.72, reflecting a minor loss of less than 1%.

The short Moving Average continued to serve as support around the $0.6 price range. However, there was a note of caution, as a further downtrend could cause the short Moving Average to transform into a resistance level instead.

Source: TradingView