Date: Sat, Nov 23, 2024, 06:21 AM GMT
The cryptocurrency market witnessing a strong rally in altcoins today, driven by a decline in Bitcoin dominance, which fell to 59.45% from its recent high of 60.40%. This shift came after Bitcoin (BTC) achieved a new all-time high of $99,504.
Among the notable performers, Polygon (POL) has taken center stage, gaining over 15% in the last 24 hours. Currently trading at $0.5371 with a market capitalization of $4.28 billion, the token is showing signs of breaking out of its prolonged consolidation phase.
Source: Coinmarketcap
Whale Accumulation Signals Confidence
On November 16, blockchain analytics platform Santiment reported a significant accumulation of POL tokens by wallets holding between 100K and 100M coins. These wallets added 257 million $OL tokens between November 4 and 16, potentially fueling the recent bullish momentum.
Is the Rally Started?
The chart reveals that $POL recently broke out of a three-year-long descending wedge pattern at $0.43. This breakout has propelled the price to its current level of $0.5361 and brought it closer to testing its long-term downtrend resistance line.
A confirmed breakout above this trendline would likely serve as a strong bullish signal, opening the door for a sustained rally. Key price targets include:
$0.7568, $1.18 and $1.58: Representing gains of 180% from the current price.
$2.92: A longer-term target, equating to a 430% upside from current levels.
By looking at whale interest and a major breakout from its three-year-long consolidation, Polygon's (POL) surge is indicating that the rally has already started.
Conclusion
Polygon (POL) has shown impressive bullish momentum, breaking out of a three-year-long consolidation pattern and gaining significant whale interest. With a potential rally underway, the token could see substantial price increases in the coming months. As it approaches key resistance levels, the next few weeks will be critical in determining whether this surge continues
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
