- Polygon daily volume witnessed an impressive spike in January 2022 before plunging in February.
- The daily volume in February 2022 hit $63.97 million, lower than the average of the past two months.
- Analysts are bullish on the MATIC price rally as the altcoin posts double-digit gains overnight.
The NFT ecosystem has exploded with a consistent spike in daily trade volume on OpenSea, the peer-to-peer marketplace. Proponents have witnessed a drop in Polygon’s trade volume, believing this could fuel a bearish outlook among investors.
Polygon daily volume plunges despite MATIC price rally
As February 2022 draws to a close, analysts have noted a significant drop in the daily volume of MATIC network. Polygon’s growing trade volume on OpenSea took a hit in February 2022, noting a significant drop.
Experts believe that OpenSea’s Polygon statistics in December 2021 and January 2022 were impressive. This fueled a bullish outlook among investors toward MATIC price.
The total trade volume for the month of February 2022 hit $63.97 million; it failed to sustain the momentum of the past two months. The downtrend in MATIC price started on February 14 and continued for the last two weeks of the month.
The overall NFT sale in February dropped significantly compared to January 2022.
MATIC plays a significant role in the Web3 ecosystem. The dropping daily volume on OpenSea could be attributed to reducing demand for the Ethereum scaling solution among investors. As one of the most popular and viable scaling solutions, MATIC’s demand and utility plays an important role in fueling Ethereum adoption.
Analysts have evaluated the MATIC price trend and predicted a continuation of the altcoin’s rally. MATIC price recovered from the bloodbath and posted 12.4% gains over the past 24 hours.
FXStreet analysts have predicted that MATIC’s losses could double if the Russian-Ukraine war rages on.
$MATIC could double its losses later in the US session if Russia keeps attacking into the night: https://t.co/1pjccRLlkS#Polygon shredded 12% in value during European trading hours, could extend losses down to $1.19 or even $1.06 during US sessionhttps://t.co/mEUjUSoAyf pic.twitter.com/2pX74I5GmO
— FXScrypto (@FXScrypto) February 24, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.