Polygon (POL) Price At Crossroads: Will Bulls Take Control?

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  • Polygon price surged over 30% in the last seven days.
  • Over the past four days, POL whales have accumulated over 140 million POL tokens. It was valued at over $56 Million.

Polygon (POL) price has witnessed a significant surge, with whales accumulating 140 million tokens, totaling over $56 Million. This signaled a strong bullish sentiment within the market.

This substantial accumulation indicated confidence in the token’s prospects. Moreover, it aligned with the uptick in on-chain metrics.

Over the last seven days, the Polygon price has increased over 30% and was inching closer to a falling wedge breakout. The token’s price has captured investors’ attention and signals a potential bullish rally for the coming sessions.

Polygon On the Verge of Breakout: Analysts Weigh In

In a recent tweet, Crypto Faibik said the POL price was heading closer to the declining trendline zone. Furthermore, the token could see a falling wedge breakout in the coming sessions.

Following a recent breakout above the key resistance level of $0.44, analysts expect a 50% price increase. When writing, the Polygon price was trading at $0.4495. It noted an intraday rise of over 2.80%. With a market cap of $1.05 Billion, the POL token ranked 79th among the top crypto coins.

81.60% of $POL holders are still ‘Out of the Money.’ It indicated that they were facing a loss. This bearishness or pessimism surrounding the coin might create an anticlimax to the disbelief effect. It means that the altcoin will break out in an unwanted direction.

Polygon’s support level lies between the $0.375 and $0.386 range. If this level holds, the POL price will witness buying momentum, and a higher high swing could be seen next.

Going forward, Polygon’s on-chain data reflected growing market interest. The daily active addresses and transaction volume were noted to have a bullish outlook.

It rested above the key EMA lines and traded with strong bullish momentum in the last few sessions.

AggLayer’s Game-Changing Upgrade: A New Era Begins

Polygon’s development team is currently planning for the release of AggLayer. It is a fully cross-chain interoperability protocol that can work with any EVM chain.

This upgrade aims to transform blockchain connectivity and is expected to roll out in early December 2024. This would further strengthen Polygon as an appealing, flexible solution for scaling.

Polygon Price Prediction: Analysing the Key Levels

The Polygon price has recorded a falling wedge pattern breakout. It was poised for a massive bull rally in the coming sessions.

The price action refers to the increased accumulation and long buildup activity noted from the futures market data over the past 24 hours. The Relative Strength Index (RSI) line has approached the overbought zone, 61 at press time. That represented the bullish stance.

Polygon Price Chart
Polygon Price Chart  | Source: TradingView

The Money Flow Index (MFI) curve spiked to the 70 mark. That highlighted an increased inflow into the market. The immediate support zones for the POL token were $0.4200 and $0.4000. At the same time, the resistance zones were $0.4700 and $0.5000.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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