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Polygon ($POL ) Faces Potential 44% Decline: A Technical Overview
Amid the ongoing market downturn, Polygon ($POL ) is showing signs of a significant bearish trend. A well-known cryptocurrency expert recently predicted that $POL could experience a 44% price drop, possibly falling to the $0.23 level. This bold forecast has caught the attention of the crypto community, sparking discussions about the factors driving this potential decline.
As of January 30, 2025, the technical analysis suggests that Polygon has broken below key support levels, specifically the descending triangle pattern, and retested the breakout zone. The recent price action, along with the 200 Exponential Moving Average (EMA), indicates that POL is firmly in a downtrend. Additionally, the Relative Strength Index (RSI) is nearing oversold territory, providing more evidence that further price drops could be ahead.
Recent market activity also points to increased selling pressure, with investors and long-term holders reportedly offloading their tokens. On-chain data from Coinglass highlights a substantial inflow of $2.56 million worth of POL into exchanges over the last 24 hours, a sign that selling activity may continue, potentially accelerating the downward momentum.
Currently trading near $0.40, POL has seen a minor 2.75% price increase over the past day, but its trading volume has dropped by 15%. This lack of strong participation from traders suggests that the market sentiment remains cautious, and the bearish outlook could persist.
#Polygon #CryptoMarket #POLPricePrediction #CryptoAnalysis #BearishTrend
#Polygon (POL), which was once among the 10 largest cryptocurrencies in the world by market value, currently occupies the 40th position in the CoinMarketCap ranking.
The altcoin, which reached a market capitalization of more than US$ 18 billion in 2021, when it was still called MATIC, now has a market cap of less than US$ 4 billion.
Will Polygon recover?
Despite the recent declines, Polygon still shows itself to be a solid network, with an engaged community and an active development team.
However, the future of the network and its POL token will depend on the project's ability to reinvent itself, introduce competitive innovations and regain the market's trust.
Do you believe in $POL ?
{spot}(POLUSDT)