Bottom-picking opportunity? Polygon POL pullback brings good investment opportunities
In the past 48 hours, Polygon (POL) whales took advantage of the price pullback to snap up 59 million POL tokens. Although this trading volume is relatively small compared to the total supply of more than 10 billion POL, it reflects a strong signal of the market's warming of the altcoin season, especially in the recent market turmoil.
It is worth noting that POL's 30-day and 180-day MVRV (market value to actual value) ratios are both positive, at 35% and 44% respectively. This means that investors who have held POL in the past month or six months have made more than 30% unrealized profits. Although POL has recently experienced a 20% pullback, the profitability of these investors has not been affected, providing them with an opportunity to lock in profits before the price rises further.
However, despite the rich unrealized profits shown by short-term holders, data shows that more than 85% of POL holders (more than 500,000 addresses) are still in a loss, indicating that the current price is still not worth it for most investors. These losing holders may prefer to wait for the price to return to the break-even point, which may provide strong support for further gains in POL.
Technically, POL still has significant upside. A break above $0.6 is expected to accelerate price recovery, while a break above the key level of $0.8 will be an important signal for further strength in the market. If POL can return to its high of $1.2 in March, the potential gain is close to 160%.
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