This morning, Tom Wann, a respected crypto research analyst, took to Twitter to share some exciting news about Polygon’s (MATIC) zkEVM. According to Wann, the Bridge’s Total Value Locked (TVL) has surged by an impressive 52%, equating to a substantial estimated value of $3 million. This is a significant development for the platform and a testament to the growing interest in Polygon’s innovative technology.
According to Wann, the recent surge in TVL can be attributed to including MATIC and Lido Staked MATIC (stMATIC), which contributed $2.1 million and $770K, respectively. Despite this significant influx, the prices of both altcoins were not impacted positively.
According to the latest update from CoinMarketCap, stMATIC, and MATIC have declined their prices over the last 24 hours. MATIC’s value has dropped by 1.47% during this period and is currently trading at $0.864. Similarly, stMATIC’s price has also experienced a 1.42% dip, bringing its value down to $0.929. Additionally, both these altcoins have shown a downward trend compared to the market leaders, Bitcoin (BTC) and Ethereum (ETH).
Over the past week, MATIC has experienced a price decline, with a downward spiral challenging for investors. Unfortunately, on Monday, it lost the support of the $0.9465 level after a 6% drop during the trading session. Despite the efforts of bulls to defend the next key support level at $0.8593 in the following two days, the situation remains uncertain.
Yesterday, MATIC’s price experienced a dip below its support level, hitting a low of $0.8335. However, the bulls rallied, closing the trading session above the support level at $0.8764. Currently, the bears are making another attempt to breach the support level, leaving MATIC’s price precariously hanging on a thread. We will continue to monitor the situation closely.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
