Polygon's price surged 7%, reaching $0.4442, with market cap exceeding $3.5B and daily trading volumes up 53% to $434M.
POL whales accumulated 140M tokens, worth $56M, reinforcing bullish sentiment; key support is between $0.375 and $0.386.
Polygon broke a multi-year cup-and-handle pattern, signaling potential gains; rising on-chain activity indicates strong investor interest.
Polygon (POL) is experiencing notable bullish momentum. The altcoin recently joined the market rally, with key indicators supporting a potential 50% breakout. On the technical chart, Polygon’s price movement has broken through a critical resistance level, which many analysts believe will sustain its upward trajectory.
At present, the POL price has increased by 7% over the past 24 hours, currently trading at $0.4442. The market capitalization has crossed $3.5 billion, driven by heightened investor interest. Furthermore, daily trading volumes have surged by 53%, reaching $434 million, signaling strong market sentiment.
https://twitter.com/CryptoBull_360/status/1858554343085215767 Whale Activity Supports Upward Trend
Large POL investors, commonly referred to as whales, have been particularly active in recent days. Over the last four days, these whales have accumulated 140 million POL tokens, valued at over $56 million.
According to popular crypto analyst Ali Martinez, this accumulation phase indicates growing confidence among large investors. He identified the crucial support zone between $0.375 and $0.386. If the price holds above this level, Polygon may experience higher levels in the near term.
https://twitter.com/ali_charts/status/1858822489150775496
Additionally, resistance appears weak, further supporting the bullish case for POL. Consequently, these factors are driving optimism among market participants.
On-Chain Activity Reinforces Bullish Sentiment
More so, Polygon has also witnessed a rise in on-chain activity, which supports the current upward trend. Metrics such as daily active addresses and transaction volumes have increased, showing growing market participation. Analysts interpret these signals as indicators of a healthy and engaged user base.
Moreover, heightened on-chain activity suggests that more investors are entering the market. This development aligns with broader crypto market trends, as several altcoins have rallied significantly. Analysts are closely monitoring whether Polygon can sustain this momentum and emerge as a leading performer among altcoins.
Technical Patterns Signal Further Gains
Besides, technical analysis reveals that Polygon has broken out of a multi-year cup-and-handle pattern. This pattern typically indicates the potential for substantial gains. Traders are now focusing on whether POL can consolidate above the new resistance level of $0.44.
Hence, a strong consolidation phase above this level could open the door for further price increases. Analysts also emphasize the importance of sustained volume to support these price movements. The combination of technical patterns, whale activity, and increasing on-chain metrics has led to a growing sense of anticipation within the market.
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