Polygon Price Breaks Key Resistance as Whales Accumulate 140M POL Tokens
Key Highlights:
- Polygon price has surpassed the $0.44 resistance level, setting the stage for a potential 50% rally.
- Whales have accumulated 140 million POL tokens, valued at $56 million, over the past four days.
- Increased daily active addresses and transaction volumes support continued bullish momentum.
Polygon (POL) is gearing up for a major breakout as strong on-chain metrics and whale activity drive its price above a critical resistance level. Following its rebranding from MATIC to POL, the altcoin had faced challenges gaining traction amid a surging crypto market. However, renewed investor interest is pushing POL back onto an upward trajectory.
Polygon’s Breakout and Market Performance
In the past 24 hours, POL’s price has climbed 7%, reaching $0.4442, with its market capitalization surpassing $3.5 billion. Trading volumes have surged by 53%, hitting $434 million and reflecting strong bullish sentiment.
Market analysts are optimistic about POL’s performance. Crypto expert CryptoBull_360 noted that Polygon has broken a key resistance level on higher timeframes, suggesting a significant bullish rally. On technical charts, the price has formed a cup-and-handle pattern, indicating the potential for sustained growth. Traders are now focusing on consolidation above the $0.44 level, which could act as a launchpad for a 50% rally.
Whale Activity and On-Chain Indicators
Renowned analyst Ali Martinez reported that whales have purchased 140 million POL tokens worth over $56 million in the past four days. This accumulation has established a strong support zone between $0.375 and $0.386. If this support holds, POL could see substantial gains, as resistance above $0.44 appears weak.
Additionally, Polygon’s on-chain activity has seen a notable uptick, with increases in daily active addresses and transaction volumes. These metrics highlight growing market interest and suggest strong participation, further bolstering the bullish outlook for POL.
What’s Next for POL?
With Polygon breaking a key resistance level, analysts are eyeing further gains in the ongoing altcoin market rally. While many altcoins have already experienced significant growth, Polygon’s recent momentum positions it as one to watch for potential major price moves in the near term.
