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Polygon zkEVM Reaches New Highs, but MATIC Faces Tough Times

  • Polygon zkEVM reached an all-time high in terms of daily transactions when the total daily transaction count hit 122,000 on August 4th.
  • The recent growth can be attributed to the launch of Polygon 2.0 zkEVM Saga campaign, among other factors.
  • While zkEVM continues its success, Polygon investors are facing challenging times. MATIC has dropped nearly 4% in the last 7 days. The decline could be due to increasing exchange reserves.

Polygon zkEVM has hit an all-time high in terms of day trading, but the situation is not looking good for MATIC traders.

Polygon zkEVM Reaches New Highs

Polygon-MATIC-3.jpg

Polygon zkEVM has continued its ascent with increasing adoption, reaching new highs in metrics. The recent launch of the Polygon 2.0 zkEVM Saga campaign further boosted the popularity of roll-ups.

While adoption was on the rise, the total value of zkEVM experienced a decline in the past few days. Meanwhile, MATIC continued to be under bearish influence. On August 4th, Polygon zkEVM reached an all-time high in terms of daily transactions, hitting 122,000. The previous ATH was recorded on July 31st when transactions reached 115,000.

Not only in daily transactions, but after a slight dip according to Artemis, zkEVM’s daily active addresses also saw an increase. This clearly indicated high usage and adoption of roll-ups.

Polygon-zkEVM-daily-transactions-chart

The recent growth can be attributed to the launch of Polygon 2.0 zkEVM Saga campaign, among other factors. For instance, zkEVM’s transaction fee has remained low.

Additionally, due to the rise in daily transactions, the daily transaction fee usage of the roll-up also significantly increased.

Polygon-zkEVM-gas-price-chart

If that wasn’t enough, there was more positive news for roll-ups. Polygon announced that developers were working on a new mainnet update for zkEVM. For this reason, Polygon temporarily paused the Polygon 2.0 zkEVM Saga campaign. It will be interesting to see if this update, once released, will further encourage growth.

MATIC Investors Facing Tough Times

As zkEVM continues its success, Polygon investors are facing challenging times. MATIC has dropped nearly 4% in the last 7 days. The reason behind the downward trend could be increasing exchange reserves. The token’s MVRV Ratio had significantly dropped, signaling bearish sentiment. Moreover, negative sentiment around MATIC dominated the market. Nevertheless, at the time of writing, MATIC’s stochastic indicator was nearing oversold territory, providing hope for a trend reversal.

Polygon-Mvrv-Ratio

Both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) for the token showed slight upward movements. This indicates the possibility of a trend reversal shouldn’t be overlooked. However, the Exponential Moving Average (EMA) Band indicates a bearish trend at the time of writing.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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