Polygon zkEVM’s growth unhindered: What it means for MATIC

• Polygon zkEVM’s TVL was on the rise, as had been its every day energetic addresses. 
• MATIC was below promoting strain, and market indicators supported the bears. 

Polygon’s [MATIC] zkEVM adoption has been on the rise for fairly just a few weeks now. The rollup’s distinctive addresses skyrocketed and had been about to cross the 100,000 mark. At press time, the determine stood at 93,000. 

Not solely did the rollup’s distinctive addresses register an uptick, however its every day fuel use additionally reached an all-time excessive on 4 June. A hike within the metric clearly revealed elevated adoption, which appeared encouraging for zkEVM’s future. 

Supply: Polygonscan

An analogous pattern of enhance was additionally famous on different metrics. As an example, every day transactions on zkEVM additionally went up during the last a number of weeks, as did its every day energetic addresses. The rollups’ general worth has additionally elevated of late, as evident from the rise in its TVL. 

Supply: Artemis

Curiously, zkEVM introduced its integration with a number of platforms, which has elevated its capabilities and choices considerably. The newest one brings the combination of Polygon zkEVM with Magpie.

With this new addition, customers can harness the facility of Polygon’s zkEVM with Magpie, the primary aggregator on the community, and unlock a brand new stage of scalability, privateness, and safety. 

🚀 Harness the facility of Polygon’s zkEVM with Magpie, the primary aggregator on the community!

Put together to unlock a brand new stage of scalability, privateness, and safety.

Collectively, we are able to construct a brand new nesting floor! #zkEVM #Magpie #DeFi @0xPolygonDeFi pic.twitter.com/I1sc1jJJ2a

— Magpie Protocol (@magpieprotocol) June 1, 2023

MATIC’s efficiency has been disappointing 

Whereas zkEVM’s ecosystem continued to flourish, MATIC’s efficiency favored the sellers. In keeping with CoinMarketCap, MATIC’s value declined by 4% within the final seven days. On the time of writing, it was buying and selling at $0.8884, with a market capitalization of over $8.2 billion.

The blockchain’s on-chain metrics revealed that the declining value pattern can proceed for a very long time.

As per CryptoQuant, MATIC’s trade reserve was rising, suggesting that it was below immense promoting strain. Lively addresses and the variety of transactions additionally declined, which had been each damaging alerts. 

Polygon’s social quantity declined during the last week, reflecting a lower within the token’s social quantity. Not solely that, however MATIC’s weighted sentiment additionally sank sharply. A decline within the metric recommended that damaging sentiment round MATIC dominated the market. 

Supply: Santiment

How a lot are 1,10,100 MATICs value at present?    

Bears to command the market? 

The Exponential Transferring Common (EMA) Ribbon was bearish, because the 20-day EMA was beneath the 55-day EMA. MATIC’s MACD displayed the potential for a bearish crossover quickly.

Apart from, Polygon’s Relative Energy Index (RSI) additionally registered a downtick, rising the possibilities of a continued downtrend.

Supply: TradingView