Polygon ($POL) appears poised to capitalize on the bullish momentum in the altcoin market, with analysts predicting a potential 50% breakout based on strong technical indicators and increased on-chain activity. Despite its rebranding from MATIC to POL earlier this year, the altcoin has faced challenges in gaining significant traction amid the broader resurgence in the cryptocurrency market. However, renewed investor interest suggests a promising outlook as POL resumes its upward trajectory.
Polygon (POL) Price Performance and Market Sentiment
Over the past 24 hours, POL has gained approximately 7%, currently trading at $0.4442. The token’s market cap has surpassed $3.5 billion, while daily trading volumes have surged 53% to reach $434 million. This surge highlights heightened investor enthusiasm and bullish sentiment towards one of the top altcoins.
Prominent crypto analysts are bullish on POL’s price trajectory. CryptoBull_360 handle highlighted that Polygon broke a key resistance level on higher time frames, signaling the potential for a sustained rally. The token is currently forming a breakout from a multi-year cup and handle pattern, a bullish technical indicator. Analysts suggest that consolidation above the $0.44 resistance level could pave the way for a 50% price surge in the coming weeks.
Technical Analysis and Volume Dynamics
The ongoing rally is supported by strong trading volumes, signaling growing interest among market participants. Analysts anticipate that holding the $0.44 level as support will unlock additional upward momentum. Some projections even suggest that POL could see a rally of up to 3050%, supported by favorable market dynamics and steady demand.
Whale Accumulation and On-Chain Metrics
Adding to the bullish outlook, significant whale activity has been observed. Notable crypto analyst Ali Martinez reported that over the past four days, large holders have accumulated 140 million POL tokens, worth over $56 million. This accumulation underscores the confidence among mainstream investors in POL’s long-term potential.
Martinez identified the $0.375 to $0.386 range as a critical support zone. If this level holds, POL is expected to encounter minimal resistance, setting the stage for further price increases. In addition to whale activity, Polygon has seen notable growth in on-chain metrics, including an increase in the number of daily active addresses and transaction volumes. These indicators reflect a strengthened market position and increased participation in the Polygon ecosystem.
