Polygon zkEVM crosses this milestone: How did MATIC react?

• The Polygon zkEVM recently reached 7 million total transactions.
• MATIC was on a three-day consecutive uptrend as it traded around $0.6.

On 4 November, Mihailo Bjelic, one of the co-founders of Polygon [MATIC], announced the zkEVM’s transaction milestone of 7 million. This represented a significant milestone for the network, especially as it is preparing for the next version.

7M transactions; every single one proven by the most advanced zk tech in the industry and verified on Ethereum.

Beautiful. 😍 Now let’s ramp it up. 🔥 https://t.co/WD8B1oRKGq

— Mihailo Bjelic (@MihailoBjelic) November 4, 2023

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Polygon zkEVM hits 7 million transactions

AMBCrypto’s analysis of the Polygon zkEVM scanner revealed a recent increase in daily transactions. It showed that the press time daily transaction volume reached levels not observed in over two months.

At the time of this update, the daily transaction count was over 64,000. Also, as of this writing, the number of transactions had crossed 7 million.

Source: zkEVM Polygonscan

Polygon zkEVM TVL continues to rise

An analysis of the Total Value Locked (TVL) on the Polygon zkEVM has indicated a noticeable increase. At the time of this report, the TVL was over $73 million. This marked an impressive growth of more than 11%, as per data sourced from L2 Beats.

It is important to note that the TVL accounted for less than 1% of the overall market share of Layer 2.

In contrast, the TVL on the mainnet has not exhibited a similar upward trend. AMBCrypto’s examination of TVL data from DefiLlama indicated that it had remained relatively stable. As of the latest available data, the TVL on the mainnet was around $780 million.

An auto-MATIC trend

Even as the conversion to POL was in progress, MATIC remained actively traded at the time of publication. AMBCrypto’s analysis of the daily timeframe chart revealed that MATIC had seen a notable upward price movement over the past few days.

At the time of this update, it was trading at around $0.6, reflecting a modest profit of less than 1%. 

Source: TradingView

Realistic or not, here’s MATIC’s market cap in BTC’s terms

This uptrend marked the third consecutive day of positive price movement. Also, it is noteworthy to mention that these consecutive uptrends were pushing the asset toward the overbought zone at the time of writing.

The Relative Strength Index (RSI) line was on the verge of crossing above 70, indicating potential overbought conditions. Additionally, the Moving Average Convergence Divergence (MACD) was trending above the zero line.