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Why Polygon is up today (August 31)?
On the last day of summer, the price of Polygon (POL, formerly MATIC) surged nearly 12% to over $0.28, marking a 15% increase over the past week.
Several factors contributed to POL’s rise, including growing NFT sales on the Polygon blockchain, participation in a U.S. Department of Commerce program for publishing economic data, and an increase in active addresses across its ecosystem.
According to CryptoSlam, NFT sales on Polygon grew 14% over the past seven days to $18.9 million, while the number of buyers jumped 64% to 65,626. Much of this surge was driven by Courtyard sales, which rose 17% to $17 million—surpassing the combined sales of three other major collections: CryptoPunks, DMarket, and Pudgy Penguins.
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Additionally, Polygon was selected as one of the blockchains where the U.S. government migrated parts of its data. The Department of Commerce stated that publishing data on a blockchain demonstrated the broad applicability of the technology.
Bulls aim for further upside
Data from DeFi Llama shows that Polygon is becoming a key player in the stablecoin market. Stablecoin supply has climbed to a record $1.32 billion, and Polygon now provides over half of all stablecoins not pegged to the U.S. dollar.
Analytics from Nansen indicate that active network users rose 10% over the past week to 2.4 million—a notable achievement given that most blockchains, including Solana and Base, saw user declines.
Daily POL chart. Source: CoinMarketCap
From a technical perspective, Polygon’s price has broken a key resistance level: the 200-day exponential moving average. This breakout suggests continued upward momentum, with bulls targeting the 38.2% Fibonacci retracement level at $0.3850.
As we wrote, Polygon: strong technical support led to 12% rally — price prediction outlook
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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