Key Takeaway:
Bitcoin, web3, Ethereum, and cryptocurrency are experiencing significant developments. Polygon’s NFT sales and DEX volume are on the rise, while the transition to POL could bring new opportunities to the network. However, competition from other layer-2 solutions like Arbitrum and Base poses challenges.
NFT Sales Surge on Polygon
Third-party data reveals a 111% increase in weekly NFT sales on Polygon, reaching over $12.7 million. The network saw a rise in both buyers and sellers, indicating a growing interest in its NFT ecosystem.
DEX Volume Growth and DeFi Value Locked
Polygon’s DEX volume increased by 7.32% to $770 million, placing it among the top players in the industry. Moreover, the total value locked in Polygon’s DeFi ecosystem surpassed $951 million, showcasing the network’s strength in decentralized finance.
Polygon’s Technical Analysis and Price Trends
Technically, Polygon is above the 50-day moving average and is at the 23.6% Fibonacci Retracement point. The token’s price chart suggests a potential pullback, with a bearish engulfing candlestick pattern indicating a possible decline to the 50 EMA level at $0.493.
