Polygon’s Remarkable Milestones
Polygon, a leading blockchain network, has recently achieved significant milestones, showcasing its robust performance and the impressive growth of its native token, MATIC. One of the notable achievements includes Polygon zkEVM Beta hitting a remarkable milestone with seven million transactions in a single day during the weekend. Simultaneously, MATIC, Polygon’s native token, reached a four-month high at $0.7471.
Surge in Daily Transactions
Reports from TodayInPolygon reveal a 60% surge in Polygon’s daily transactions over the past 90 days. In Q3 of 2023, the DeFi sector led the way in active addresses on Polygon’s Proof-of-Stake (PoS) network, constituting 57% of the total. NFTs closely followed at 10%, and social applications at 9%. During this quarter, Polygon’s daily active addresses grew by 1.4%, reaching 364,000, with the DeFi sector playing a pivotal role.
MATIC’s Bullish Momentum
MATIC has experienced a surge in bullish activity, leading to a significant price increase. In the past week alone, MATIC’s price rose by 14%, with an additional 5% increase in the last 24 hours. The trading volume also saw a substantial uptick, rising by 22% in the past 24 hours and reaching $314 million.
Kraken’s Exploration in Layer 2 Networks
A buzz within the Polygon community revolves around Kraken, a major U.S. cryptocurrency exchange, exploring partnerships with leading blockchain technology firms to create its own layer 2 network. Polygon, Matter Labs, and the Nil Foundation are potential partners under consideration, as reported by a popular crypto media outlet.
Future Prospects for MATIC
MATIC’s current price movements indicate several bullish signals. The 9-day exponential moving average (EMA) is at $0.7497, below the current trading price. Additionally, the daily relative strength index (RSI) stands at 75, indicating overbought territory. If MATIC manages to surpass the $0.7819 resistance level, it may head towards the $0.80 resistance level. Conversely, falling below the $0.6151 support level could lead to further decline, potentially testing the $0.5023 level.