MATIC opens 2023 with a bullish outlook, Polygon’s NFT volume hits new record
- MATIC delivered 3% gains for holders over the past 24 hours, marking a bullish start to 2023.
- Polygon’s NFT OpenSea volume hit a new record in sales, reaching $324 million in the crypto bear market.
- MATIC’s price outlook is bullish as bulls target $0.8466 for the Ethereum scaling solution’s token.
MATIC, Ethereum’s scaling solution token is poised for a bullish start in 2023. NFT volume on Polygon hit a new record with sales of $324 million through the crypto winter. The price outlook on MATIC has turned positive with long holders looking at the $0.8466 level as the target.
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MATIC is gearing up for a bullish start to 2023, breaking a new record in Polygon’s NFT volume
MATIC, the Ethereum Scaling Solution Token saw a 3.2% gain for holders in the last 24 hours. The gain coincided with the announcement of a record intake for Polygon’s NFT OpenSea program in 2022, as well as an increase in volume last week. Ethereum’s scaling ecosystem recorded $324 million in NFT sales despite the crypto winter surpassing its 2021 OpenSea NFT volume record.
Polygon NFT OpenSea volume
Several NFT collections such as y00t, a generative art project of 15,000 NFTs curated by a community of builders and creators, have plans to bridge to Polygon in Q1 2023. NFT projects such as Aavegotchi have announced plans to remain in Ethereum -scaling solution chain in 2023.
The growing ecosystem of virtual assets and digital collectibles on Polygon has fueled bullish sentiment among MATIC holders during the bear market. Based on data from crypto intelligence tracker Santiment, Polygon’s total USD NFT trading numbers and volume hit a peak last week.
The MATIC price outlook is positive
MATIC’s price outlook is positive, and the Ethereum scaling solution may soon break out of its downtrend. A close above the trend line will validate the bullish thesis in MATIC price. MATIC is near its 50-day exponential moving average (EMA) at $0.7767 and the next resistance is the 200-day EMA at $0.8274.
MATIC/USDT price chart
MATIC bulls are looking for a 61.8% extension target of $0.8457 from the trendline if they manage to break above it, in January 2023. A massive bullish breakout could even send the MATIC price to the $0.8899 level. If the MATIC price erases the recent gains and falls below the $0.7500 level, it will invalidate the bullish thesis.
