Polygon

Polygon&#39;s zkEVM adoption, represented by the surge in unique addresses, has steadily climbed for several weeks, inching closer to the remarkable 100,000 milestones. As of the latest update, the count stood at an impressive 93,000 unique addresses, illustrating the growing popularity of this roll-up technology.Notably, the rise in unique addresses is one of many positive developments for the rollup. On June 4, its daily gas usage reached an all-time high, further validating the increased adoption and signaling a promising future for zkEVM.The upward trend extends to other crucial metrics as well. Daily transactions on zkEVM have experienced consistent growth over the past few weeks, alongside a rise in daily active addresses. Additionally, the overall value of the rollups has seen an uptick, as evidenced by the increasing Total Value Locked (TVL).In an exciting announcement, zkEVM has forged integration partnerships with various platforms, substantially expanding its capabilities and offerings. The latest integration brings together Polygon&#39;s zkEVM and Magpie, the first aggregator on the network. This collaboration empowers users to leverage the full potential of Polygon&#39;s zkEVM, unlocking new levels of scalability, privacy, and security.While zkEVM&#39;s ecosystem flourishes, the performance of the MATIC token has leaned toward sellers. According to CoinMarketCap, MATIC&#39;s price has experienced a 4% decline over the past seven days. At the time of writing, it is trading at $0.8884, with a market capitalization exceeding $8.2 billion.On-chain metrics reveal a concerning trend, indicating that the downward price movement may persist. CryptoQuant data shows a continuous increase in MATIC&#39;s exchange reserve, suggesting considerable selling pressure. Furthermore, active addresses and transaction volumes have declined, presenting additional negative signals for MATIC.Polygon&#39;s social volume has also experienced a decline over the past week, indicating reduced activity and engagement surrounding the token. Moreover, the weighted sentiment towards MATIC has sharply dropped, reflecting a predominance of negative sentiment in the market.Technical indicators further support a bearish outlook. The Exponential Moving Average (EMA) Ribbon reveals a bearish sentiment, with the 20-day EMA positioned below the 55-day EMA. The Moving Average Convergence Divergence (MACD) for MATIC suggests the possibility of an imminent bearish crossover.Polygon&#39;s Relative Strength Index (RSI) has also registered a downtick, further increasing the likelihood of a continued downtrend.As Polygon&#39;s zkEVM continues to gain traction, MATIC faces selling pressure and a prevailing negative sentiment in the market. The coming days will be crucial in determining the direction of the token and the long-term prospects of both the technology and the cryptocurrency.

Polygon's MATIC zkEVM Adoption Soars, But MATIC Faces Selling Pressure and Negative Sentiment

ItsBitcoinWorld

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