Polygon price flipped a crucial resistance level as non-fungible token sales, stablecoin supply, and active addresses in the network jumped.
Summary
- Polygon price rose as third-party data showed its ecosystem was growing.
- NFT sales and buyers in its network jumped by double digits in the last 7 days.
- The stablecoin supply in the Polygon ecosystem jumped to a record high.
Polygon (POL) jumped to a high of $0.2796, its highest level since March 3, and 80% above its lowest point this year.
Polygon active addresses and NFT sales rebound
Third-party data shows that the Polygon ecosystem network is making some improvements. According to CryptoSlam, NFT sales in its network jumped by 14% in the last seven days to $18.9 million as buyers soared 64% to 65,626.
This growth was driven by Courtyard, whose NFT sales jumped by 17% to $17 million. Its sales were much higher than the other three collections — CryptoPunks, DMarket, and Pudgy Penguin, combined.
NFT sales in other chains like Ethereum (ETH), Bitcoin (BTC), and BNB Chain dropped by 13%, 6.7%, and 54%, respectively.
Polygon price also jumped as Nansen data revealed that the number of active users in the network had jumped. They jumped by 10% in the last 7 days to 2.4 million, which is notable as most chains, including Solana and Base, lost active users.
Polygon price also rose after the US government moved some of its data to it and other chains. In its statement, the Commerce Department said that publishing the numbers on-chain helped to demonstrate the wide utility of blockchain technology.
Meanwhile, DeFi Llama data shows that Polygon is becoming a powerhouse in the stablecoin industry. The stablecoin supply has surged to a record high of $1.32 billion, a notable development following the recent signing of the GENIUS Act. Most importantly, Polygon now supplies more than half of all non-USD stablecoins.
Polygon price technical analysis
The daily timeframe chart shows that the POL price bottomed at $0.1655 in June and has been rising since then. It has flipped the important resistance level at $0.2620, the highest swing on July 22. It then retested the crucial $0.2796, the neckline of the double-bottom at $0.1655.
Polygon price also flipped the 200-day Exponential Moving Average into support. Therefore, the most likely scenario is where it continues rising as bulls target the 38.2% Fibonacci Retracement level at $0.3850, up by 46% from the current level.
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