MATIC traders may remain apprehensive as Polygon’s NFT room celebrates this…

• Polygon’s number of NFT buyers and sellers increased by double digits last month
• MATIC’s calculations looked bearish, suggesting a further decline in the token’s price

Polygon [MATIC] witnessed an increase in the number of NFT buyers, thanks to several popular NFT pools migrating to the blockchain. CRYPTOSLAM’s data revealed that the number of Polygon NFT buyers increased by more than 27% in the last 30 days. In addition, the number of NFT sellers also registered an increase last month.

Source: CRYPTOSLAM

Read Polygon [MATIC] Price prediction 2023-24

A closer look at Polygon’s NFT ecosystem

As per DappRadary00ts, who recently migrated from Solana [SOL], topped the list of the best NFT collections on Polygon for the past 30 days. Apart from y00ts, Collect Trump Cards and Lens Protocol also made the top three on the same list.

However, despite the increase in the number of buyers, it was surprising to see a decrease in the total number of NFT trade counts. According to Santiment, the chart fell significantly. In addition, MATICNFT trading volume also followed the trading numbers and fell sharply last month.

Source: Sentiment

A change in Polygon’s fortunes?

While the aforementioned metrics looked worrisome, Polygon recently made a new announcement that could help turn the tide in the blockchain’s favor.

See more

Accelerating NFT community ecosystem growth 🙌🏾@NFTInspect, a leader and innovator in SocialFi & Web3 social analytics, integrates with Polygon🕺🏾Bringing polygon-based NFTs to Inspect’s platform will increase interoperability and accessibility for users. 🫱🏾‍🫲🏼 pic.twitter.com/wSZPpkrAPS

— Polygon (Labs) (@0xPolygonLabs) 9 May 2023

Inspect, a leader and innovator in SocialFi and Web3 social analytics announced its integration with Polygon.

With this new integration, Inspect’s research and development will advance the development of the NFT and Web3 markets by investigating new use cases and technologies.

Not only does this announcement look encouraging for the blockchain NFT space, but it also appeared to have positively impacted investor sentiment as evidenced by the increase in weighted sentiment.

Source: Sentiment

MATIC is still under pressure

However, MATIC continued to face the wrath of the bears as the price continued to decline. In accordance CoinMarketCapMATIC’s price had fallen by more than 13% in the past seven days. At the time of writing, it was trading at $0.8588 with a market capitalization of over $7 billion.

Source: CoinMarkletCap

Is your portfolio green? Investigate Polygon Profit Calculator

If calculations are to be believed, things didn’t look good for MATIC either. CryptoQuants data revealed it MATICNet deposits on exchanges were higher compared to the last seven days. This was a bearish signal, as it suggested increased selling pressure.

MATIC’s active addresses have also decreased in the last 24 hours, indicating less activity on the network. The token’s demand in the futures market fell last week as the Binance funding rate turned red.

However, a few of the calculations told a different story. For example, MATIC‘s offering on exchanges registered a decline. This was accompanied by an increase in the offer outside the stock exchanges. This was a typical bull sign as it meant that investors were accumulating the token.

Source: Sentiment