TLDR
POL is currently trading at $0.4348, up 2.89% daily and 17.45% monthly
Key support levels at $0.375 and $0.386 are crucial for continued rally
Whales have accumulated 140 million POL tokens ($56 million) in four days
RSI has increased from 49 to 60, indicating growing buying pressure
MVRV long/short difference improved from -2.37 to -1.25, showing long-term holder confidence
Recent market data shows Polygon (POL) maintaining strong momentum in its recovery phase, with the token currently trading at $0.4348.
The price represents a 2.89% increase on daily charts and a notable 17.45% gain over the past month, despite a minor weekly decline of 0.92%.
The cryptocurrency has shown remarkable resilience since reaching its recent low of $0.28. Market data indicates a steady upward trajectory, with POL reaching as high as $0.47 during recent trading sessions. However, current prices still remain 66.07% below the all-time high of $1.29.
On-chain data reveals substantial whale activity in recent days, with large holders accumulating approximately 140 million POL tokens over a four-day period. This accumulation, valued at approximately $56 million, suggests growing confidence among major market participants in Polygon’s near-term prospects.
Technical analysis from crypto analyst Ali Martinez highlights crucial support levels at $0.375 and $0.386. These price points are particularly important as they represent zones where buying pressure has historically outweighed selling pressure. Current trading patterns show POL maintaining position above these key support levels.
#Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume, and whale activity.
These are all signs of growing interest and market participation, which typically suggest a bullish outlook for $POL. pic.twitter.com/yWVcudubVL
— Ali (@ali_charts) November 19, 2024
The strength of these support zones is further enhanced by relatively weak resistance above current price levels. This market structure suggests that POL could continue its upward movement until encountering more substantial resistance at higher price points.
Market sentiment indicators provide additional support for the bullish case. The Advance Decline Ratio (ADR) has risen above 1, reaching 1.47 after experiencing a sharp decline. This metric typically indicates growing market optimism and often precedes increased buying activity.
Supporting this positive outlook, POL’s Relative Strength Index (RSI) has climbed from 49 to 60. The RSI movement into higher territory suggests mounting buying pressure, as more investors enter positions or add to existing holdings.
The MVRV long/short difference metric has also shown improvement, moving from -2.37 to -1.25. This technical indicator suggests that long-term holders are moving into profitable positions, potentially reducing selling pressure from this crucial market segment.
Blockchain data reveals that whale addresses have been particularly active during this period. The accumulation of 140 million tokens by large holders represents one of the more substantial buying waves in recent months.
The timing of this whale activity coincides with improving technical indicators, suggesting coordinated buying interest from sophisticated market participants. Such patterns often precede sustained price movements in cryptocurrency markets.
Trading volume data shows consistent buying pressure across major exchanges, with sell orders being absorbed without major price impacts. This price action suggests strong underlying demand for POL tokens at current levels.
Market order book analysis indicates limited selling pressure above current price levels until the $0.47 mark. This creates a potential pathway for price appreciation if current buying pressure maintains or increases.
For traders and investors monitoring POL’s price action, the $0.47 level represents the next immediate resistance zone. Beyond this point, technical analysis suggests the next major resistance level appears around $0.57.
Current market conditions, including whale accumulation patterns and technical indicators, suggest continued positive price action for POL. However, the token remains subject to broader market influences and technical resistance levels.
The most recent data shows ongoing whale accumulation, with large holders continuing to add positions at current price levels. This sustained buying pressure provides support for current price levels and could fuel further upward movement.
The post POL Price: Polygon Token Sees $56M Whale Accumulation as Price Stabilizes Above $0.43 appeared first on Blockonomi.
