Polygon (MATIC) Surrenders $1 Level but Retains Community Support – How?

Polygon enjoyed an impressive week as the alternative token chased a milestone with decentralized finance (DeFi). It’s now the 5th latest platform in DeFi TVL (total value locked) after surpassing Solana. DefiLlama data shows Polygon’s recent TVL at $2.07 billion, following a more than $400 million increase last week.

While Polygon cheered a 22% surge during the week, Solana witnessed a more than 2.09% TVL dip. That saw SOL’s DeFi holdings sliding to above $1.56B during this publication.

Up to 5th Now!

MATIC’s surging prices within the previous week contributed to Polygon’s sharp DeFi growth. The alternative token maintained the crucial support at $1 as cryptocurrencies saw impressive upside actions.

Nevertheless, the last few hours saw MATIC losing the foothold, following a crypto splurge that dragged prices 6.47% low to $0.96. That lefts Polygon’s weekly surges at 3% (Coinmarketcap data).

Another observation also analyzes Polygon NFTs, which saw a spectacular surge since inception. Weekly non-fungible token mints have climbed to 12.64 million, translating to a 200% upside over the past three weeks.

Meanwhile, the NFT volume stands at $113.82M. A 1.5X uptick over the past four weeks. This week’s total NFT volume hovered at $113M, with more than 36.8K NFT addresses added. However, there were more than 160k distinct wallets on MATIC’s network over the week under analysis.

Moreover, Polygon has partnered with upcoming crypto projects to ensure constant innovation. Polygon confirmed collaborating with Neowiz recently, planning to launch Intel X, a web3 gaming site. The deal will bring Neowiz’s recognized gaming IPs, including Brave Nine and Cats & Soup, to Web3.

MATIC’s latest drop below $1 comes as the overall market declines following the latest upside. Bitcoin seems to surrender the $25K battle as it slid to trade at $24,004.08 during this writing. That saw the altcoin market weakening. However, upcoming trends remain unpredictable.

Final Thought

Will Polygon capitalize on the new achievement or crumble once more after yesterday’s slight slump? Time will answer. Meanwhile, let us wait for what the coming weeks might have for the network. MATIC fans can follow overall market sentiments and Bitcoin’s actions for price forecasts.

Editorial credit: Postmodern Studio  shutterstock.com

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