Polygon’s zkEVM Launch on March 25th
• Polygon is Ethereum’s leading layer 2 blockchain, and its MATIC price has been facing a bearish wave since early last week.
• The development team of the Polygon ecosystem has announced the launch of Polygon zkEVM Mainnet Beta on 27th March 2023 to unlock mass adoption and the full potential of Web3.
• Following months of pushing the zkEVM to extreme limits, Polygon Labs have achieved various key milestones in order to ensure that security remains their highest priority.
MATIC Price Struggles With Bearish Wave
The MATIC price is currently exchanging hands at $1.25, while bulls are working around the clock to prevent losses from extending below support established at $1.20. Technical indicators suggest that there could be a prolonged trend reversal in progress, with support at $1.25 being crucial for bulls to push for an uptrend towards $1.60 and $2.00 respectively.
Can zkEVM Launch Push MATIC Price Bull Market?
The launch of the mainnet beta is expected to usher in a brighter future for the Polygon network, as it focuses on providing seamless scaling solutions for Ethereum and fulfills its aim of providing users with better scalability options than those offered by Ethereum’s first layer solution alone. So far, they have created over 84,000 wallets, 300,000 produced blocks, 75,000 ZK proofs generated and deployed more than 5,000 smart contracts among other achievements.
Market Downturn Attributed To Regulatory Pressure
Despite this impressive progress with regards to Polygon’s zkEVM technology, MATIC price is still struggling under heavy selling pressure since it topped out at $1.569 some weeks ago. This downturn can be attributed to mounting regulatory pressure from certain countries such as the United States which may have caused investor confidence to wane slightly across all markets including crypto assets like MATIC tokens as well as Bitcoin and Ethereum which are down 4% and 3% respectively over seven days trading period up till today’s date .
Bulls Must Uphold Support At $1.25 For Uptrend Resumption
If bulls can uphold support at $1.25 then there may be a chance for them to push for an uptrend resumption towards higher levels such as $1.60 and even possibly $2 in time ahead if conditions remain favorable or perhaps until investors regain confidence in light of any positive news or developments that may arise over coming weeks or months ahead..