Polygon rises as Polymarket, Pokemon Cards growth continues

The Polygon worth continued to rise this week, helped by the robust efficiency of Polymarket and Pokemon Playing cards.

Polygon (POL) rose to a excessive of $0.4200, up over 12% prior to now seven days, bringing its market cap to over $1.3 billion.

This rally occurred when the community upgraded and migrated its token from MATIC to POL. After the improve, POL grew to become the native and staking token for the Polygon Proof-of-Stake community. Sooner or later, this would be the most important token for the AggLayer.

The token has additionally risen amid the continued progress of the ecosystem. Polymarket, one of many largest forecasting platforms, has skilled robust progress in current months. Information from Similar web exhibits that the web site had greater than 13.8 million guests in August, a rise of 52% in comparison with the earlier month.

The amount of cash within the community has additionally grown. The presidential election winner prediction market comprises almost $900 million in belongings, whereas the favored winner prediction market is $201 million.

Information from DeFi Llama exhibits that Polymarket has captured a complete worth of greater than $122 million and a market dominance of 82% within the prediction market. This progress is more likely to proceed because the platform goes mainstream, with well-liked media shops reminiscent of CNN and Bloomberg reporting this.

In the meantime, gross sales of Pokemon Playing cards NFT are doing comparatively effectively. Information from Dune Analytics exhibits that month-to-month gross sales quantity rose to a report excessive of $1.6 million in August, in comparison with $1 million the month earlier than. Gross sales this month have reached $749,000 to date.

In the meantime, the whole worth is locked into Polygon’s Decentralized Finance ecosystem increased by 2.46% to $861 million within the final 30 days. The quantity in Ethereum (ETH) fell by 10%, whereas that in Arbitrum and Base fell by greater than 2% in the identical interval.

Nevertheless, Polygon’s market share within the decentralized change trade has declined. The quantity of cash traded on the blockchain has fallen 12.2% to $476 million over the previous seven days. Base and Arbitrum, different well-liked layer 2 networks, processed $3.18 billion and $3.2 billion throughout the identical interval.

Polygon reverses key resistance and turns into overbought

The POL token was in a consolidation section after its launch final week. This efficiency ended on Friday, September 13, when it went parabolic and handed the essential resistance level at $0.3900, the swing excessive on September 10.

The Common Directional Index, a well-liked development indicator, rose to 36, whereas the Relative Energy Index reached the overbought level of 87. Subsequently, POL might quickly pull again because of revenue taking, which might retest help at $0.40.