POL risks dropping to $0.20 as whale sell-offs intensify

Whale activity has intensified, with substantial POL sell-offs leading to a steep price decline.
A break below the key support level of $0.3634 could lead to a further significant drop.

As a seasoned analyst with years of experience navigating the tumultuous seas of the crypto market, I find myself standing on the deck of the good ship POL, and the sight before me is not particularly pleasant. The whales have been selling off their POL holdings at an alarming rate, causing the price to plummet like a stone in the ocean depths. This bearish trend has intensified over the past 24 hours, with indicators such as Large Holders Netflow to Exchange Ratio and Large Transaction Volume pointing towards continued selling pressure from large holders.

Over the last seven days, Polygon (POL) experienced a 13.74% increase, however, the recent change in market opinion has caused its path to become downward trending.

Over the past day, I’ve noticed a significant drop of 8.12% in the value of my POL holdings. It seems there might be more declines to come.

Whale sell-off accelerates POL’s slide

The Price of POL is experiencing significant downward force as large investors (whales) are heavily selling, causing a sharp drop and a shift towards a more bearish market sentiment.

The tendencies pointed out by the two essential markers from IntoTheBlock—the ratio of Large Holders Sending to Exchanges and the volume of Large Transactions—revealed this pattern.

The Large Holder Outflow-to-Exchange Ratio quantifies the movement of assets from significant investors (often referred to as “whales”) towards exchanges. An abrupt increase in this measure, coupled with a decrease in prices, frequently suggests heightened selling activity.

As a crypto investor, I’ve noticed an impressive surge in the performance of POL. Over the last 24 hours, it skyrocketed by an astounding 737.00%, and over the past seven days, it has soared even higher by an astonishing 2,474.58%. This upward trend seems to be in line with a prevailing bearish sentiment across the market, as it appears that some whales are choosing to offload their holdings.

The strong negative opinion (bearish sentiment) is made even stronger by an increase in the number of significant trades (large transaction volume), as there were 78 substantial transactions logged during this specific timeframe.

Possible halt to fall or rally?

Based on today’s data trends, even with ongoing whale selling, Polymorph (POL) might momentarily stabilize around a crucial support line, which could pave the way for an upward price movement.

At the price point of $0.3634, there might be sufficient buying interest that could reverse the trend and propel the price towards an estimated peak of $0.5792.

If significant selling continues from large investors, the price of POL could continue to fall, possibly reaching a low of $0.2855.

Retail selling pressure intensifies

Over the last day, Open Interest for POL, as reported by IntoTheBlock, has significantly decreased from $198.56K to $142.53K, following a peak of approximately $198.56K on November 9th.

So, bears now hold a dominant position in the market’s unsettled derivative contracts.

Data from Coinglass indicates a predominant bearish trend, as just $24,980 worth of short positions were settled, whereas long positions totaled $685,750 and are on the rise.

Read Polygon’s [POL] Price Prediction 2024–2025

As an analyst, I observed a significant discrepancy that underscored the dominant bearish trend, resulting in a larger number of long positions being closed out or liquidated.

Based on this change, it seems more probable that a continued drop in POL is on the horizon, rather than any predicted surge.

2024-11-14 10:16

Whale sell-off accelerates POL’s slide

Possible halt to fall or rally?

Retail selling pressure intensifies

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