Polygon’s zkEVM Achieves All-Time High, While MATIC Remains Unimpacted

Polygon zkEVM’s Surging Metrics

Polygon’s zkEVM recently achieved a remarkable milestone by reaching a new all-time high in terms of daily transactions. On August 4th, the roll-up network recorded an impressive 122,000 daily transactions, surpassing the previous ATH of 115,000 on July 31st.

This surge in daily transactions was accompanied by a notable uptick in zkEVM’s daily active addresses, as reported by Artemis. This upward momentum in active addresses serves as a clear indicator of the growing usage and adoption of the zkEVM roll-up.

The launch of the Polygon 2.0 zkEVM Saga campaign contributed to the recent growth, alongside other factors. Notably, the gas price for zkEVM remained consistently low, making transactions more accessible and affordable.

Anticipating Further Growth

The surge in daily transactions also led to a significant increase in the roll-up’s daily gas usage. In addition to these positive developments, Polygon revealed that its developers are actively working on a mainnet update for zkEVM. This prompted a temporary pause of the Polygon 2.0 zkEVM Saga campaign to facilitate the update’s implementation.

With this upcoming update, the community eagerly awaits its potential impact on further fueling zkEVM’s growth trajectory.

MATIC’s Performance Amidst Challenges

While zkEVM celebrates its achievements, MATIC investors are currently facing challenges in the market. Over the past seven days, MATIC has experienced a decline of nearly 4%, with the token’s current trading value at $0.6731 and a market capitalization of $6.2 billion according to CoinMarketCap.

Possible Downtrend Factors

One potential reason for MATIC’s recent downtrend could be attributed to an increasing exchange reserve, which has raised concerns. The token’s MVRV Ratio, a key indicator, has seen a significant decrease, signaling a bearish sentiment. Negative market sentiment surrounding MATIC has also contributed to the challenges it currently faces.

Hope for Recovery

Despite the challenges, there is a glimmer of hope for MATIC’s potential recovery. At present, the token’s stochastic indicator is poised to enter the oversold zone, suggesting a possible trend reversal. Both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) have registered slight upticks, indicating the potential for a positive shift in the token’s performance.

However, it’s important to note that the Exponential Moving Average (EMA) Ribbon still presents a bearish outlook as of press time.