Polygon’s Market Performance and NFT Success
polygon’s price has seen a meaningful drop this year, nearing its lowest point. On July 4, it hit $0.1800, a 76% decrease from its peak. This fall wiped out over $4 billion in value, reducing its market cap to $1.88 billion.
Despite the price dip, Polygon is making waves in the NFT market. It recently surpassed Ethereum in weekly NFT sales. According to CryptoSlam data, NFT sales on Polygon surged by 52% to $24 million. Ethereum’s sales, however, fell by 5.7% to $23 million. The rise in NFT sales is largely due to courtyard, which alone generated over $18 million in sales. Other top collections include DNS and OKX NFT Creation.
Polygon’s success in nfts is a bright spot. The network’s NFT sales jumped, while Ethereum’s declined. This shift shows Polygon’s growing popularity. Courtyard led the charge, with $18 million in sales. This growth is a positive sign for the platform.
polygon is also expanding in the stablecoin sector. Polymarket is a key driver. The stablecoin supply on Polygon increased by 8.5% in the last month, reaching $2.4 billion. Transactions rose by 39% to 92.6 million. This growth is a sign of its increasing adoption.
Yet, Polygon faces stiff competition. New layer-2 networks like Unichain and Base are gaining ground. Unichain’s total value locked (TVL) is now $1.16 billion. Base’s TVL is even higher at $4.9 billion.Its decentralized exchange volume hit $28 billion this month.these numbers highlight its potential.
Stablecoins on Polygon saw an 8.5% rise, totaling $2.4 billion. The number of transactions spiked by 39%. These metrics suggest a strong user base and active usage. But challenges remain. Competitors like Unichain and Base are catching up. Unichain’s TVL is $1.16 billion. Base’s TVL is $4.9 billion, with a monthly DEX volume of $28 billion. These rivals are pushing Polygon to innovate and stay ahead.
Technical analysis hints at a possible price recovery. The daily chart shows a double-bottom pattern at $0.1500, with a neckline at $0.2755. If Polygon breaks above this level, it could signal a bullish trend.
Key points to watch:
- Polygon’s NFT sales outpaced Ethereum’s.
- Stablecoin supply and transactions on Polygon are rising.
- Technical patterns suggest a potential price rebound.
