CandleFocus

Polygon (POL) Surges 26%; Ready to Recovery Rally?

Author: Content Editor
Polygon (POL) has seen a surge of around 26% in the past 7 days, indicating signs of recovery. However, despite this positive momentum, only 15.11% of holders are currently in profit, suggesting that most long-term investors are still at a loss. The cryptocurrency is currently trading at around $0.56 with a market cap of $4.5 billion. The high percentage of holders "out of money" reflects skepticism but could potentially lead to a "disbelief rally" if sentiment shifts, allowing the token to cross the $1 mark. On-chain data shows an increase in active addresses, transaction volume, and whale activity, with recent whale purchases of over 140 million POL tokens indicating growing confidence in its long-term prospects. The technical analysis suggests a multi-year descending triangle pattern, with a potential rally triggered by a weekly close above $0.79, potentially reaching $15.27 or even $36.17. However, support levels around the $0.37 - $0.39 zone are crucial, as falling below this could invalidate the bullish outlook.

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