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Polygon

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<p class="is-style-lead">Polygon (MATIC) saw significant growth in 2021 but has since experienced a decline in transactions, raising concerns about its future.</p>



<h2 class="wp-block-heading" id="examining-the-current-state-of-polygon">Examining the current state of Polygon</h2>



<p>Polygon, an Ethereum blockchain scaling solution that aims to enhance the network&#8217;s scalability and reduce transaction costs, has been a subject of interest and speculation among crypto enthusiasts. </p>



<p>However, recent data reveals its transaction volume is falling. According to a tweet by analytics blockchain analytics firm IntoTheBlock, Polygon&#8217;s daily transaction count has plummeted to approximately 2,000, marking an 81.38% decline from its peak earlier this year. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Despite its impressive growth during the &#39;21 bullrun, Polygon has experienced a decline in transactions. The number of daily txs currently sits at around 2000. This represents a significant 81.38% decrease from its highest point this year. Will Polygon bounce back?🤔 <a href="https://t.co/afOypM5AlJ" target="_blank">pic.twitter.com/afOypM5AlJ</a></p>&mdash; IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1661374929458065414?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 24, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Additionally, recent <a href="https://crypto.news/zksync-beats-polygon-in-total-value-locked/.">reports</a> suggest that zkSync, an Ethereum developer platform, is gaining considerable momentum, surpassing Polygon in terms of total value locked&nbsp;</p>



<p>This metric indicates the growing competition within the Ethereum ecosystem and presents a challenge to Polygon&#8217;s leading position.</p>



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<h2 class="wp-block-heading" id="analyzing-price-movements">Analyzing Price Movements</h2>



<p>As of today, the price of MATIC stands at $0.864737, reflecting a 2.46% decline in the last 24 hours, according to data from <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="noopener">Coingecko</a>.&nbsp;</p>



<p>This drop in price might be attributed to short-term market fluctuations and investor sentiment. However, in the weekly time frame, MATIC has experienced a 0.67% price increase.</p>



<p>Polygon&#8217;s market capitalization currently stands at&nbsp; $8,014,165,572. With a circulating supply of 9.3 billion MATIC tokens, Polygon holds a substantial market share.</p>



<p>Technical analysis provides insights into the key support and resistance zones for MATIC. The nearest support zone for MATIC is $0.75.&nbsp;</p>



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<p>If the price were to decline further, this support zone may act as a cushion, attracting buyers and limiting downside movement. Conversely, the nearest resistance zone for MATIC is $1.00, which was previously a support level.</p>



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MATIC sees more than 80% decline in transaction volume

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