Why Polygon, zkEVM may not revive MATIC fast enough
Journalist
Posted:
- Polygon PoS’s complete transactions crossed the three.2 billion mark.
- MATIC was down by over 9%, and metrics remained bearish.
Polygon [MATIC] has achieved fairly just a few milestones within the current previous when it comes to community exercise. Not solely did Polygon PoS’s metrics surge, however the identical development was additionally famous on Polygon zkEVM’s charts.
Nonetheless, whilst their key stats moved up, MATIC continued to face bears’ wrath.
Polygon’s adoption is on the rise
As we speak In Polygon, a preferred X (previously Twitter) deal with, posted just a few tweets highlighting Polygon’s newest achievements on the twenty fourth of November.
NEW:
The Polygon PoS chain has reached 3.2B complete transactions. pic.twitter.com/wMMKEi5JMA
— As we speak In Polygon (@TodayInPolygon) November 24, 2023
To start with, the Polygon PoS chain reached the commendable variety of 3.2 billion complete transactions. Furthermore, the blockchain’s rollup, zkEVM recorded a three-month excessive in each day transactions, which sat at over 100k on the twenty sixth of November.
These milestones helped the entire variety of transactions on Polygon zkEVM cross the eight million mark.
JUST IN:
Polygon zkEVM simply recorded a 3 month excessive in each day transactions with over 100K. pic.twitter.com/6X6OmwuLep
— As we speak In Polygon (@TodayInPolygon) November 26, 2023
Upon additional digging, AMBCrypto discovered that each Polygon PoS and zkEVM confirmed progress within the current previous. The Day by day Lively Addresses and Day by day Transactions of each zkEVM and Polygon PoS gained upward momentum within the current previous.
The captured worth additionally improved, as its revenue rose.
Supply: Artemis
MATIC’s efficiency isn’t passable
Whereas the blockchain’s community exercise grew, its native token, MATIC, did not impress traders. In response to CoinMarketCap, MATIC was down by greater than 9% within the final seven days.
On the time of writing, it was buying and selling at $0.7548 with a market capitalization of over $7 billion.
AMBCrypto’s evaluation of Hyblock Capital’s information revealed that MATIC’s liquidation elevated when its worth touched the $0.8 mark, after which the token’s worth began to drop during the last week.
Supply: Hyblock Capital
The truth that MATIC’s promoting strain was excessive was additionally confirmed by Santiment’s information, which displayed that whereas Polygon’s Provide on Exchanges elevated, its Provide outdoors of Exchanges dropped.
Detrimental sentiment across the token remained excessive final week.
Moreover, its MVRV ratio plummeted, which additionally performed a job in MATIC’s downtrend.
Supply: Santiment
Learn Polygon’s [MATIC] Price Prediction 2023-24
A couple of of the market indicators additionally appeared bearish. The Cash Circulate Index (MFI) registered a pointy downtick and Polygon’s MACD displayed a bearish crossover.
Nonetheless, the Bollinger Bands recommended that MATIC’s worth was getting into a much less risky zone — an indication that MATIC’s worth might not drop additional over the subsequent few days.
Supply: TradingView
