The subsequent launches of Layer-2 scaling solutions have shown to be quite popular in 2023. Following the success seen with the release of optimistic roll-ups, Polygon (MATIC) recently unveiled the much-anticipated zkEVM — which has since gained a great deal of support from both the development community and market participants. This development has led to an increase in the network’s overall growth and also positively affected Polygon’s (MATIC) price.
According to on-chain data, the number of unique users of MATIC has been on the rise, which is indicative of increased network utilization and adoption. While this expansion may be linked to a variety of reasons, one of them is the recent collaboration that Polygon has formed with Immutable, for building the Immutable zkEVM network — aimed towards the growing Web3 gaming space.
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Polygon’s network performance has been on the rise since March 10, as pointed out by prominent crypto analyst Ali on Twitter. This comes after the culmination of a downward trend that had been observed between January 21 and February 19.
In addition, Ali explains that during the time period in which Polygon’s network was exhibiting a downward tendency, MATIC’s price, on the other hand, was seen to be increasing. Because of this negative divergence, the price dropped by nearly 40%.
However, since March 10 there has been an upward trend in network growth while the price of MATIC has consolidated and remained stable. A possible price increase might be brought about as a result of this bullish divergence, according to his analysis.
As things stand, the price of MATIC is currently exchanging hands at $1.09, which represents a decrease of 2.81% over the past 24 hours as opposed to a drop of 4.29% recorded over the previous seven days. Additionally, it should be noted that MATIC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker presently recommend a “sell” position, advising a “buy” at level 4 and a “sell” at level 12 by its moving averages.Also Read: FTX Founder SBF Denies China Bribery Charges; Can Face 15 Years In Prison If True
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