TLDR
- POL token hits new 4-month peak at $0.61, showing 38.2% weekly growth
- Recent data shows whales have bought $80M worth of POL tokens
- Network activity reaches new highs with daily volume exceeding $736M
- Technical patterns suggest potential breakout from long-term consolidation
- Market data shows 85% of holders waiting for higher prices to break even
Polygon’s native token (POL) has captured market attention with its latest price movement, pushing through the $0.60 barrier and establishing a new four-month high. The digital asset market witnessed POL’s steady climb from its previous trading range, marking a 38.2% increase over the past week.
Trading data reveals an unprecedented surge in market activity, with daily volumes reaching $736 million, representing a dramatic increase from the previous week’s $250 million average. This uptick in volume suggests growing market interest in the layer-2 scaling solution.
Market analysts have noted a distinctive pattern in recent transactions, pointing to sustained accumulation by large-scale investors. Data from blockchain analytics platforms shows these wealthy participants, commonly referred to as whales, have acquired more than 140 million POL tokens since early November, valued at approximately $80 million.
The current market structure presents an intriguing scenario, as blockchain data indicates only 15.11% of addresses holding POL are currently profitable. This statistic suggests most investors acquired their positions at higher price levels, potentially creating a strong foundation for future price discovery.
Network metrics paint a picture of growing adoption and usage. Daily active addresses have shown consistent growth, while transaction counts continue to trend upward. These fundamental indicators often serve as leading indicators for sustained price movements in the cryptocurrency market.
Technical analysis reveals POL has been trading within a descending triangle pattern since reaching its previous all-time high. Recent price action suggests the token may be preparing for a breakout from this long-term consolidation phase.
The movement from $0.30 to current levels represents a 107% increase since November 5, demonstrating strong buying pressure. This price action has been accompanied by increasing volume, lending credibility to the sustainability of the move.
Market observer Ali Martinez has highlighted several technical factors supporting the recent price action. According to Martinez’s analysis, POL recently found support at a critical level, while momentum indicators suggest building bullish pressure.
The token’s price chart shows the establishment of strong support between $0.375 and $0.386, a range that proved crucial for the current rally. Breaking through this zone has opened up potential for further upside movement, with limited resistance levels ahead.
On-chain data indicates a notable increase in large transactions, suggesting institutional interest in POL. This trend often precedes extended market moves, as large players typically accumulate positions before major price advances.
The weekly performance metrics show POL outpacing many other digital assets, with monthly gains reaching 75%. This outperformance has drawn attention from traders and investors looking for strong market performers.
Fresh capital continues to enter the POL market, evidenced by rising numbers of new addresses and increasing transaction sizes. This influx of new participants often indicates growing market confidence and potential for sustained price appreciation.
Trading patterns reveal consistent buying pressure, particularly during Asian trading hours. This geographic diversity in trading activity suggests broad-based interest rather than localized speculation.
Market technicians point to several price targets based on classic chart patterns. A weekly close above $0.7973 could trigger an extended rally, with some analysts projecting potential moves to the $15.27 level in an optimistic scenario.
Current price action maintains stability above $0.58, suggesting traders view this as a reasonable valuation level given recent network developments and market conditions. The steady price action above key moving averages indicates potential for continued upward momentum.
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