- Polygon whales have accumulated 140 million tokens worth $56 million.
- POL has surged by 17. 45% over the past month.
As a seasoned researcher with years of experience in the crypto market under my belt, I find the recent surge in Polygon (POL) quite intriguing. After navigating through countless bull and bear markets, I can confidently say that this altcoin seems to be on an upward trajectory.
Over the past two weeks, I’ve observed a significant uptrend in Polygon (POL). After reaching a low point at $0.28, this altcoin has remarkably climbed up to a high of $0.47.
Currently, at the time of writing, the price of POL stands at $0.4348. This represents a 2.89% rise in its daily performance, while over the past month, it has surged by 17.45%.
Nevertheless, the value of POL has decreased slightly over the course of a week, falling by 0.92%. Despite experiencing an increase in price, POL still lingers 66.07% lower than its all-time high of $1.29.
Consequently, these market circumstances lead us to ponder the durability of the upward trend. Meanwhile, renowned crypto analyst Ali Martinez suggests that POL may reach new highs, based on crucial support points.
Polygon’s market sentiment
According to Martinez’s assessment, he referenced the potential support levels at $0.375 and $0.386 from Polygon. He suggested that if Polygon’s price manages to maintain these levels, it could lead to a prolonged upward trend.
Based on his viewpoint, these areas are crucial, and if they persist, POL could potentially reach new highs as the resistance at these points appears weak or negligible.
In this context, expressing “resistance seems insignificant” implies that at these particular price points, there’s a low likelihood of encountering substantial selling pressure or significant opposition to price increases.
Beyond those support levels, the resistance is relatively low, making it difficult for sellers to exert significant control. With minimal selling force, Pol could experience a robust upward trend until it encounters a point where it will face formidable resistance.
What POL’s chart suggest
At the current moment, POL being traded above those price points suggests that it’s temporarily shielded from immediate selling pressure in the near future.
As a crypto investor, I’ve been tracking Polygon’s Advance Decline Ratio (ADR), and it’s currently standing at 1.47 – a significant surge after a notable decline. When the ADR exceeds 1, it suggests a rising optimism among investors, fueling a broad buying spree.
The boost in purchasing activity became apparent as Polygon’s Relative Strength Index (RSI) jumped from 49 to 60. An uptick in the RSI indicates that more investors are joining the market, thereby enhancing buying pressure.
Speaking from my personal experience as a crypto investor, I’ve noticed an intriguing trend with Polygon’s (MATIC) token. Over the last four days, significant buying pressure has been bolstered by whale activity. These whales have amassed approximately 140 million POL tokens, equivalent to around $56 million. This accumulation suggests confidence in the project and could potentially drive further growth.
The whale’s behavior aligned with an increase in purchasing activity, implying that significant investors were extremely optimistic and aggressively amassing assets.
Large holders’ confidence in POL can be further seen in the rising MVRV long/short difference. This has risen from -2.37 to -1.25.
When the ratio increases, it typically indicates that long-term investors are experiencing profits from their altcoin investments and have a positive outlook on its future worth.
To put it simply, there’s a lot of purchasing going on with large investors in POL right now. This type of market situation typically leads to price increases due to a shortage of available supply.
Consequently, these circumstances seem to indicate potential increases in POL’s pricing. If this optimistic market attitude persists, POL could regain the $0.47 price points and encounter the next substantial resistance at approximately $0.57.
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2024-11-20 05:44