Cryptocurrency research analyst Tom Wann reported a sharp rise in the Total Value Locked (TVL) of Polygon (MATIC) bridge on the Ethereum Virtual Machine (zkEVM). The spike is estimated to be worth $3 million, with MATIC and Lido Staked MATIC (stMATIC) contributing just about $2.1 million and $770K respectively. Some spikes in TVL were observed but that had no positive effect on the prices of both MATIC and stMATIC altcoins. At press time, Matrix was trading at $0.864 while stMATIC was trading at $0.929. This could be credited to the plummeting prices of both altcoins during the past 7-days. MATIC had crossed major support levels at $0.9465 and $0.8593 before reaching an all-time low at $0.8335. The bulls tried to fight back in the closing session of yesterday and pushed the prices above $0.8764. However, bears are still trying to break this level and hence, the prices of MATIC have been hanging in the balance.



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