The digital currency world is witnessing widespread growth, and Polygon (MATIC) is contributing to this trend with its bullish price action. The token reached a daily peak of $1.34 and recorded a substantial increase in 24-hour trading volume, standing at around 80%.
MATIC has taken nearly ten months to reach this level, with its last peak being in April 2022. The token has been gradually rebounding since mid-January and has seen a growth of 56.5% in the past 30 days.
Data from CoinMarketcap shows that MATIC is currently trading at $1.33, with a 4% hike in the last 24 hours and a 10% surge over the previous seven days. If the crypto market sustains its current upward momentum, MATIC and other altcoins could reclaim lost ground.
An upward break above the $1.40 resistance level could trigger another powerful surge in MATIC’s price. In this case, the price could move steadily towards the $1.42 or even $1.50 level.
However, a downward correction may occur if MATIC fails to overcome the $1.34 resistance level. The immediate support in this scenario lies near the $1.25 level.
Virtasy Launches NFT Marketplace On Polygon
ShemarooEntertainment has announced the launch of Virtasy, a marketplace for officially-licensed Bollywood NFTs, on the Polygon network. This exciting new platform offers fans the chance to own 3D avatars, images, and clips of their favorite Bollywood movies through the power of blockchain technology.
According to a tweet from Polygon, the Virtasy launch will be for “Early Access” to the public, with rewards and community engagement opportunities for collectors. It is a major move for Shemaroo, which has committed to the NFT space and is emerging as a driving force for innovation in the entertainment industry.
In partnership with Seracle, a Web3 full-stack infrastructure company, Virtasy offers a cost-effective, fast, and secure platform for Bollywood fans to connect with their favorite IPs.
The NFT marketplace provides a unique opportunity for fans to bring the magic of Bollywood to the metaverse and make it a part of their digital lives.
Moreover, According to NFTgators, the Polygon network has been experiencing a surge in NFT trading activity on OpenSea. With a daily trading volume of $11.4 million, Polygon saw over half of Ethereum’s daily volume, which stood at $19.6 million.
It marks a new high point in the ratio between Polygon’s daily volume on OpenSea and Ethereum’s daily volume, now standing at 0.58. It indicates that Polygon has seen more NFT trading activity than Ethereum on OpenSea in the past three months.
The increase in activity on Polygon can also be attributed to the recent partnership between Reddit and the NFL to mint Polygon-based Super Bowl Collectible Avatars. Over 1 million avatars were minted in just four days, breaking a new all-time high in daily Reddit Collectible Avatar mints.
This spike in NFT trading activity is a testament to the growing popularity of Polygon and its ability to handle high volumes of NFT transactions.
Related Reading | XRP Transactions On Bitrue To Be Temporarily Halted
