Polygon Price Eyes Massive 50% Breakout Amid POL Whale Activity

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets. However, the current rally we are seeing in the altcoin market, particularly Polygon (POL), is nothing short of remarkable.

The price of Polygon is poised to surge upwards by as much as 50% in the altcoin market, fueled by technical chart patterns and robust on-chain signals, plus increased whale activity. Although it underwent a rebranding from MATIC to POL earlier this year, it faced challenges in gaining momentum due to Bitcoin‘s and the overall crypto market’s strong comeback. However, recent developments have seen investors placing renewed wagers on POL as its price begins to trend upward again.

Polygon Price Eyes Massive 50% Breakout

As a researcher, I’ve noticed an intriguing development in the market. The price of POL has been soaring, increasing a significant 7% over the past 24 hours. At the moment, it’s trading at approximately $0.4442. Moreover, its market capitalization has crossed the $3.5 billion mark, a testament to its growing influence.

Market analysts specializing in cryptocurrency are becoming optimistic, predicting that the upward trend of Polygon’s price will persist even more significantly from this point. Notably, a well-known crypto figure known as CryptoBull_360 stated that Polygon (POL) has successfully surpassed a substantial resistance barrier on larger time frames, suggesting the likelihood of a significant bullish surge.

In the image provided, you can see that Polygon’s price has broken free from a cup-and-handle pattern on a timeframe spanning multiple years. Traders are watching closely for a solid consolidation at the new resistance level of $0.44, as this could set off additional bullish momentum. Maintaining above this level might initiate a potential 50% price increase in the future.

 

Furthermore, increased volumes point to increasing investor enthusiasm and favorable market trends. Moreover, some market experts predict a significant surge of up to 3050%, or even more, in the price of POL.

POL Whale Activity and On-Chain Data

According to well-known crypto analyst Ali Martinez, large investors (whales) have recently purchased 140 million Polygon tokens, valued at over $56 million in the past four days. At present, the crucial support level for Polygon lies between $0.375 and $0.386. If this support holds steady, it’s likely that Polygon prices could rise further, as resistance is anticipated to stay relatively weak, the analyst noted.

Beyond just whale transactions, Polygon has experienced a substantial rise in on-chain actions, such as more daily active addresses and increased transaction volumes. These statistics are often interpreted as signs of growing market engagement and interest, suggesting a positive, bullish trend for Polygon in the short term.

During the ongoing altcoin market surge, it’s crucial for investors to closely monitor the fluctuations in Polygon’s price as it appears to be standing out among other altcoins that have already experienced significant gains.

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2024-11-19 16:07