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.
Nevertheless, whilst their key stats moved up, MATIC continued to face bears’ wrath.
Polygon’s adoption is on the rise
Right this moment In Polygon, a well-liked 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
— Right this moment 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 day by day transactions, which sat at over 100k on the twenty sixth of November.
These milestones helped the overall variety of transactions on Polygon zkEVM cross the eight million mark.
JUST IN:
Polygon zkEVM simply recorded a 3 month excessive in day by day transactions with over 100K. pic.twitter.com/6X6OmwuLep
— Right this moment In Polygon (@TodayInPolygon) November 26, 2023
Upon additional digging, AMBCrypto discovered that each Polygon PoS and zkEVM confirmed development within the current previous. The Every day Lively Addresses and Every day Transactions of each zkEVM and Polygon PoS gained upward momentum within the current previous.
The captured worth additionally improved, as its revenue rose.
MATIC’s efficiency is not passable
Whereas the blockchain’s community exercise grew, its native token, MATIC, didn’t impress traders. In line with 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 over the past week.
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 exterior of Exchanges dropped.
Damaging sentiment across the token remained excessive final week.
Moreover, its MVRV ratio plummeted, which additionally performed a task in MATIC’s downtrend.
Learn Polygon’s [MATIC] Price Prediction 2023-24
A number 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.
Nevertheless, the Bollinger Bands recommended that MATIC’s worth was coming into a much less risky zone — an indication that MATIC’s worth may not drop additional over the following few days.