Polygon prices increased as data shows growth in network activity. NFT sales and active users reached new heights.
Active Addresses and NFT Sales Surge
According to third-party data, the Polygon network is showing improvements. Over the past week, NFT sales on the platform increased by 14% to $18.9 million, with buyers soaring by 64% to 65,626. The primary driver of this growth was the Courtyard collection, whose sales rose by 17% to $17 million.
Stablecoin Supply Growth in the Polygon Ecosystem
DeFi Llama data reports that the stablecoin supply in Polygon has surged to a record high of $1.32 billion, a notable development following the signing of the GENIUS Act. Importantly, Polygon now supplies more than half of all non-USD stablecoins.
Technical Analysis of Polygon Prices
The daily timeframe chart indicates 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 and retested the crucial $0.2796 level. The expectation is for the price to continue rising, targeting the 38.2% Fibonacci Retracement level at $0.3850.
Overall, the Polygon market shows positive trends, instilling optimism among investors and network participants. The rise in NFT sales, active users, and the stablecoin supply underscores its growing popularity.
