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Amidst the ubiquitous rally in the crypto market, several crypto assets including MATIC have climbed higher, expanding to peaks and beyond. While the catalyst behind the rally may not be clear, the bullish trend Polygon (MATIC) could be part of a future zkEVM Network update. As launch approaches, investors continue to increase the amount pouring more funds into the asset.
Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to increase network scalability. The soon-to-launch zkEVM network update is just one of the plans that have been announced by network developer Polygon to enhance its layer-2 scaling solution.
According to Polygon co-founder Sandeep Nailwal recently tweetzkEVM which was anticipated to be coming soon after the mainnet launch now has an official date close at hand.
Polygon (MATIC) Almost 10% Surge In 24 hours
Over the last 24 hours, OFF has surged in price by 8.6%, reflecting another altcoin bullish trend as the global cryptocurrency market cap remains steady above the previously raised $1 trillion mark. 
The last few weeks of MATIC have marked some upside, especially since the start of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1 day chart still shows more of the rally as there is still liquidity at the higher highs to be taken.
Notably, MATIC is ranked the 10th most valuable cryptocurrency asset by market cap, according to data aggregators CoinGecko and Coinmarketcap. Polygon currently has a market capitalization of $9.7 billion, which is higher than Solana at $8.8 billion but under Dogecoinswhich sits at $11.8 billion.
Although MATIC has risen to its highest since the start of the year, it is still far from an all-time high of $2.92, seen in 2021. With continued mistrust in the crypto market among investors, it is still uncertain whether zkEVM will be a good enough catalyst to drive its value exceeds or approaches its peak.
Polygon Network User Activity Decreased
Despite MATIC’s appreciation in value, network user activity has recorded a decline in the number of interactions. Polygon’s daily user count started the year moving positively from around 404,000 seen on 1 January to 696,000 users on 6 January.
Today, however, that number has fallen by more than 10%, dropping to around 399,000, according to data from PolygonScan. The reason behind the drop remains unclear, as network activity is expected to increase, given the network’s recent collaborations with some of the top companies.
Last year, Facebook (Meta) added support for the Polygon network. Additionally, a layer-2 scaling solution recently partnered with Mastercard to launch a Web3 accelerator program to bring budding music artists into the spotlight by leveraging Web3 technology and other blockchain-based innovations.
Featured image from FreePiks, Chart from TradingView
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