Is Polygon's Impressive zkEVM Performance Enough to Boost MATIC Token Price?

Polygon's zkEVM, a zero-knowledge technology platform, has been making waves in the Ethereum ecosystem since its introduction. The platform is designed to simplify transactions on the network, and it has been performing impressively well since its launch. In a recent report, Polygon revealed that the number of unique active wallet addresses on the platform had surged by 300% since the beginning of April, nearing 50,000. The total number of successful transactions on the platform also increased by 300%, totaling 168,000 transactions by 24 April.

These transactions generated fees of approximately $177,000, or 95.25 ETH. Moreover, the average daily gas fee (in gwei) showed that Polygon zkEVM Mainnet Beta was seven times cheaper than Ethereum Mainnet during the same period. Zero-knowledge technology has seen numerous projects launched in recent times, including the zkEVM. According to L2 beat, the Total Value Locked (TVL) of all rollups had exceeded $9 billion, with zkEVM making up a mere 0.06% of that value and ranking 17th. However, despite its relatively small share, the TVL of zkEVM stood at $5.53 at the time of writing. It also experienced an impressive growth rate of over 22%, surpassing most other platforms.

Polygon's impressive growth in its zkEVM platform is especially noteworthy considering that it had only been launched slightly over a month prior. While the platform's growth is positive in terms of continued success, it remains uncertain how this will impact the price of the MATIC token. As of this writing, MATIC was trading at approximately $0.9 and experienced a loss of nearly 3%. While a new support level was forming around $0.97 and $0.96, it remained uncertain how long this would hold. The Relative Strength Index (RSI) indicated a clear bearish trend, with values below the neutral line.

The impressive growth in Polygon's zkEVM platform has garnered attention from the crypto community, but the performance of the MATIC token remains a question mark. Despite the impressive performance of the platform, the token has been moving in a different direction, experiencing a downturn. It remains to be seen how these two factors will ultimately intersect and influence one another.