Is It Too Late to Buy Polygon? Crypto Experts Give Their MATIC Price Predictions
MATIC, the ticker for the cryptocurrency that powers the layer-2 Ethereum scaling solution Polygon, has been pulling back sharply in the last few days, after becoming overbought according to the 14-Day Relative Strength Index earlier this month. That coincided with when MATIC hit fresh multi-month highs in the $1.57 area, with the cryptocurrency now around 15% lower near $1.34. For now, MATIC is holding to the north of its 21-Day Moving Average (DMA) and the resistance-turned-support area around $1.30.
According to popular YouTube channel Altcoin Buzz noted the impressive growth recently seen in the Polygon ecosystem – earlier this week, Polygon managed to surpass Solana in terms of daily NFT sales (by USD volume), ranking as the second highest that day after only Ethereum, according to Cryptoslam.io. In the last seven days, Polygon has netted a total of nearly $7.5 million in NFT sales, ranking as the third-highest blockchain.
And that is before NFT trading platform Y00ts has even deployed on the Polygon protocol, Altcoin Buzz quoted Polygon’s co-founder as pointing out. Massive growth in the Polygon ecosystem is evident in other metrics. According to data presented by Token Terminal, daily fees have also surged, hitting a high of nearly $350,000 earlier this month, up in the region of 10x from earlier yearly levels.
That jump in fees means that Polygon is now looking as cheap as it has all year based on the circulating market capitalization/fees ratio. The ratio was last around 215, down from earlier yearly highs above 500. That could encourage bulls to continue loading up on Polygon and keep the cryptocurrency moving higher within the confines of the bullish trend channel that has been in play since the start of the
Read more on cryptonews.com
