Polygon (POL) is About to Explode!

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Looking at Polygon (POL), the Ethereum scalability project, it appears poised for a price increase based on its technical analysis. Specifically, Ali Martinez pointed out a significant clue in a recent post that hints at potential growth for POL during a larger cryptocurrency market rally.

Polygon signals breakout of bearish pattern

As per Martinez’s analysis, it seems that Polygon has escaped from a downward-sloping triangle formation and is now aiming for $0.69. It’s worth mentioning that a descending triangle on a chart is a bearish pattern suggesting an ongoing decline in price movement.

#Polygon $POL appears to have broken out of a descending triangle, targeting $0.69!

— Ali (@ali_charts) January 20, 2025

Therefore, POL’s disengagement from the downward trend implies that the price has surpassed the crucial resistance threshold due to the falling bearish trendline. This breakthrough increases the likelihood that the asset’s price will trend upward, adopting a bullish trajectory.

As a researcher observing the market trends, I noticed that my research token (POL) had reached its peak at $0.4921 earlier today. However, in the subsequent trading hours, it has retraced some of those gains and is now being traded at $0.4607 – representing a 3.67% decrease over the last 24 hours.

However, trading volume has increased by 72% to $417.57 million within the same time frame.

The surge in market activity suggests a revived curiosity among market players. Possibly, investors in Polygon have chosen to strategically place themselves before the predicted price surge, with the aim of reaping profits.

Community anticipates Polygon AggLayer

According to market experts, Polygon might experience significant price growth according to Ali Martinez’s prediction, reaching approximately $0.69. Nevertheless, some analysts suggest that it could challenge the $1 mark, potentially surpassing its previous all-time high of $1.29 set in March 2024, without necessarily flipping that historical peak.

In addition, another factor contributing to a potential price increase is the AggLayer connectivity protocol. Assuming no unexpected delays, the AggLayer is expected to launch on the main network, potentially as early as Q1 2025.

Sandeep Nailwal, one of the co-founders of Polygon, recently suggested an update within the community by posting about it. The blockchain launched its testnet version 0.2 around a month back.

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2025-01-20 19:26