- Polygon has taken a serious hit, down 55% from its post-election surge above $0.70. Ouch!
- It’s a make-or-break moment for Polygon’s future. No pressure, right?
Polygon [POL] is currently performing a rather impressive impression of a deflating balloon, down a staggering 80% from its lofty $1.29 all-time high. With its survival now dangling precariously on the critical $0.28 support, one must wonder: will it stage a comeback worthy of a Hollywood blockbuster, or is this the grand finale?
Polygon in a high-stakes gamble
Polygon has been on a steady decline, down 55% since its post-election surge past $0.70. The RSI is flashing overbought signals like a disco ball at a particularly enthusiastic party, and profit-taking was practically begging to happen.
However, the lack of a solid recovery points to a bigger issue: a distinct shortage of fresh capital entering the scene, creating a supply-demand imbalance that even the most optimistic economist would find alarming.
Trading volume, which once hit a dazzling $1.7 billion, has now dipped below $500 million. With the broader market de-risking faster than a cat on a hot tin roof, selling pressure is taking the upper hand, and it’s not even breaking a sweat.
Polygon has erased more than half of its post-election gains. Are investors HODLing for future gains, or are they bailing out faster than a sinking ship? Only time will tell!
The $0.50 mark is now key. Around 57.8K addresses are underwater here, holding a staggering 8.39 billion coins. On the other hand, $0.28 serves as strong support, proven by the 60% rebound seen during the Trump pump in November. Ah, nostalgia!
What’s even more interesting? A single whale wallet controls 81% of the entire Polygon network, holding 8.18 billion POL coins. Yes, you read that right. One whale. Talk about a monopoly!
So, if the support level doesn’t hold or investors don’t step up at the resistance, Polygon could see a sharp drop back to square one. And by square one, I mean the place where dreams go to die.
Let’s break down the odds
Polygon’s situation is becoming more critical by the day. Network growth has halved in just a week, signaling that the lack of fresh capital is taking a toll on POL. Unless these metrics shift, the chances of a breakout are slimmer than a supermodel on a diet.
Reaching the $0.70 mark is far from certain, especially with heavy resistance keeping HODLers on edge like a cat in a room full of rocking chairs. The real test is at $0.50 — if it fails to hold, we might see further declines, and not the fun kind.
However, with whales possibly offloading, volume shrinking, and market-wide volatility in full swing, the $0.28 support level is starting to look like the next stop soon. Buckle up, folks!
Read Polygon’s [POL] Price Prediction 2025-26. Spoiler alert: it’s a wild ride!
However, if we see any signs of dip-buying momentum at this price point, we could see a comeback. If not, Polygon risks falling into an irreversible downward spiral. The clock is ticking, and it’s not wearing a watch!
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2025-02-06 20:11