MATIC Bullish Momentum and zkEVM Network Issue
MATIC recently experienced a surge in bullish momentum while its zkEVM encountered a network issue.
Recent Developments
- MATIC saw a 1.5% increase in the last 24 hours.
- Polygon zkEVM’s network activity declined in recent days.
- Polygon witnessed a trend reversal, potentially impacting its Layer 2 solutions like zkEVM.
Despite the change in trend, concerns arose regarding the functionality of Polygon’s Layer 2 and zkEVM due to the encountered issue.
MATIC Price Analysis
Despite a predominant bearish market sentiment, MATIC’s value surged by over 1.5% in the last 24 hours.
At the time of writing, MATIC was trading at $0.9874, with a market cap exceeding $9.7 billion, positioning it as the 16th largest cryptocurrency.
While MATIC remained a subject of discussion due to its volatility, its Weighted Sentiment leaned towards bearish sentiment.
Technical Analysis
AMBCrypto’s analysis suggested a potential continuation of MATIC’s uptrend, supported by the MACD’s indication of a bearish advantage in the market.
On the other hand, Polygon’s Chaikin Money Flow (CMF) signaled a likelihood of a price decline.
However, MATIC’s price rebounded from the lower limit of the Bollinger Bands, hinting at a forthcoming bull rally.
Polygon zkEVM Network Issue
While MATIC’s price action remained volatile, its Layer 2 solution, zkEVM, encountered an issue.
According to an official tweet, zkEVM Mainnet Beta faced a sequencer problem due to an L1 reorg.
It’s worth noting that this issue only affected Polygon zkEVM and not other chains like Polygon CDK or any deploying using Polygon CDK.
As per Artemis’ data, the network activity of zkEVM saw a decline, with daily active addresses and transactions dropping since March 21st.
