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Polygon Daily Transactions Skyrocket by 60% In Just 90 Days

source-logo  thenewscrypto.com 07 November 2023 08:37, UTC
  • Polygon zkEVM hit seven million daily transactions.
  • Polygon native token MATIC hit a four-month high.

Polygon, a prominent blockchain network, has been making waves with its recent network updates and the impressive performance of its native token, MATIC. Polygon zkEVM which is a Zero-knowledge Ethereum Virtual Machine Beta hit a significant milestone with seven million transactions in a single day over the weekend. And just hours ago, MATIC reached a four-month high at $0.7471.

Furthermore, Polygon’s daily transactions have surged, marking a 60% increase in the past 90 days, according to reports from TodayInPolygon. In Q3 of 2023, the DeFi sector took the lead in active addresses on the Polygon Proof-of-Stake (PoS) network. It accounts for 57% of the total. NFTs followed closely with 10%, and social applications with 9%. During this quarter, the Polygon network’s daily active addresses grew by 1.4%, reaching 364,000. It is with the DeFi sector playing a pivotal role.

Meanwhile, MATIC has seen a surge in bullish activity over the past week, resulting in a significant price increase. In just one week, MATIC’s price has risen by 14%, with an additional 5% increase in the past 24 hours. The trading volume has also experienced a substantial uptick, rising by 22% in the past 24 hours and reaching $314 million.

Amid these developments, an intriguing topic of discussion in the Polygon community revolves around Kraken, a major U.S. cryptocurrency exchange. It is reported by one of the popular crypto media outlets that Kraken is exploring partnerships with leading blockchain technology firms to create its own layer 2 network. The potential partners under consideration are Polygon, Matter Labs, and the Nil Foundation.

What’s The Next Stop For MATIC?

Looking ahead, MATIC’s current price movements indicate several bullish signals. The 9-day exponential moving average (EMA) currently stands at $0.7497, below the current trading price. Additionally, the daily relative strength index (RSI) is at 75, indicating that the asset is in overbought territory.

Polygon (MATIC) Price Chart, Source: TradingView

If MATIC manages to surpass the $0.7819 resistance level, it is likely to head towards the $0.80 resistance level. On the other hand, if the price falls below the $0.6151 support level, it may decline further, potentially testing the $0.5023 level.