Polygon's price continued to rise this week, helped by the strong performance of Polymarket and Pokémon Cards.
Polygon (POL) rose to a high of $0.4200, up more than 12% in the past seven days, pushing its market cap to over $1.3 billion.
This recovery occurred when the network upgraded and migrated its token from MATIC to POL. After the upgrade, POL became the native and staking token of Polygon’s Proof-of-Stake network. Going forward, it will be the primary token of AggLayer.
The token has also rallied amid continued ecosystem growth. Polymarket, one of the largest prediction platforms, has seen strong growth in recent months. Data from SimilarWeb shows the website had more than 13.8 million visitors in August, an increase of 52% from the previous month.
The amount of money on the network has also been growing. The market for predicting presidential election winners has almost $900 million in assets, while the popular winner prediction market has $201 million.
Data from DeFi Llama shows that Polymarket has a total value of over $122 million locked and has a market dominance 82% in the prediction market. This growth is likely to continue as the platform becomes more widespread, with popular media outlets such as CNN and Bloomberg mentioning it.
Meanwhile, Pokémon card nft sales are going relatively well. Data from Dune analysis Monthly sales volume hit a record $1.6 million in August, up from $1 million the previous month. Sales so far this month have reached $749,000.
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Meanwhile, the total value locked in Polygon's decentralized finance ecosystem increased by 2.46% Over the past 30 days, the amount in ethereum (eth) fell by 10%, while in Arbitrum and Base it fell by more than 2% in the same period.
However, Polygon’s market share in the decentralized exchange industry has been declining. The volume of coins traded on its blockchain fell 12.2% over the past seven days to $476 million. Base and Arbitrum, other popular layer-2 networks, handled $3.18 billion and $3.2 billion in the same period.
Polygon breaks key resistance and is overbought
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The POL token was in a consolidation phase after its launch last week. This performance ended on Friday, September 13, when it went parabolic and crossed the crucial resistance point at $0.3900, its highest swing high on September 10.
The average directional index, a popular trend indicator, rose to 36, while the relative strength index hit the overbought point of 87. Therefore, POL might pull back soon due to profit-taking, which could lead to it retesting the support at $0.40.
