Activity on the Polygon (MATIC) scalable Proof-of-Stake (PoS) network has been surging for the last seven days. According to Sandeep Nailwal, Polygon’s founder, about 17 million transactions occurred on the network between November 17 and 18.
Using data from Token Terminal, Nailwal also mentioned that the blockchain was able to generate $1.2 million in revenue for its stakers.
I am not sure if a lot of ppl noticed that Polygon POS smoothly processed 17mn transactions in a single day, generated 1.2mn revenue for the stakers. Insane!
Shout out to core devs, validators and everyone participating in running the network🔥🔥 pic.twitter.com/ZAV2gQAEjb
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 18, 2023
Polygon Network Comes to Life
But it did not end there as Today in Polygon, a handle dedicated to tracking development on the network revealed some other things that happened. According to Today in Polygon, crypto exchange OKX has been using the Polygon CDK to build.
The Polygon CDK is an acronym for Polygon Chain Development Kit. It offers web3 projects to build an open-source framework for a Layer-two (L2) chain. Layer-one (L1) projects also looking to transition into L2 can also use the CDK.
The post also mentioned that the Polygon PoS network hit $400 million in DEX volume. Also, the Polygon zkEVM was not left out. This was because its Total Value (TVL) locked jumped by 12% in the last seven days.
The last 7 days in Polygon👇👀
💜 @okx is using Polygon CDK to build X1, a Layer 2 built on Ethereum
💜 Polygon PoS recorded a new all time high in daily transactions with 16.4M
💜 Polygon PoS recorded an 8 month high in daily DEX volume with $400M+
💜 Polygon zkEVM TVL… pic.twitter.com/Eimi4EG8SQ
— Today In Polygon (@TodayInPolygon) November 17, 2023
While there were other landmarks, the surge in TVL implies that a lot of liquidity had been allocated to protocols under the Polygon chain. Like the other metrics mentioned, Polygon’s native token MATIC has also been involved in the party.
MATIC Bulls Want More
MATIC’s price as of this writing was $0.84. The hike was a result of a 7.16% value increase in the last 24 hours. Furthermore, the MATIC/USD 4-hour chart showed that a strong support appeared at $0.80. Also, bulls leveraged this opportunity to increase buying pressure while the price hit $0.84.
Meanwhile, there has been some sort of resistance at $0.84 which pulled MATIC down to $0.83. However, the rejection may not be substantial enough to trigger a downtrend. One reason for this projection is the Relative Strength Index (RSI).
As of this writing, the RSI was 47.36. It is also noteworthy to mention that, on 17 November, the RSI reading was 33.31. This means that MATIC had been affected by a lot of selling pressure. So, the recovery of the indicator is a sign that buyers are back in the market.
MATIC/USD 4-Hour Chart (Source: TradingView)
Also, bulls’ aim might be to at least push the RSI above the 50.00 midpoint. Since this has not yet been achieved, it is likely that the uptrend will continue. The Awesome Oscillator (AO) also seems to confirm this bias as it was switching from a bearish momentum to a bullish one.
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