Polygon (POL) erased its early September gains in the last week of the month, ultimately posting negative monthly returns.
With most POL holders in the red, October’s outlook hinges on the price breaking out of its narrow range.faced a challenging September, diverging from the broader crypto market’s bullish sentiment despite initial mild optimism tied to the ecosystem’s token swap.
POL was trading at $0.38 at press time, down 5.6% on the day and 70% below its 13th March all-time high.The disappointing price action in September starkly contrasted Bitcoin and several altcoins, which registered decent gains in a month that is historically associated with negative returns. POL’s slump is especially concerning, given up to 95% of token holders are sitting on unrealized losses, according tofrom IntoTheBlock. This includes 81% of holders who have owned the token for a year, during which POL has shed 37% of its value.The upgrade, which marked a crucial step in Polygon’s roadmap, entails three Polygon Improvement Proposals, i.e., PIP-30, PIP-36, and PIP-45.
PIP-30 increased the maximum code size from 24KB to 32KB, enabling dApp builders to execute complex contract deployments and logics. PIP 36 addressed the issue of stuck bridge transactions by making it possible to replay failed state syncs.On the POL/USDT 4-hour chart, the Relative Strength Index bounced slightly from the oversold zone it touched on Monday before crashing again. The RSI reading stood at 30.61 at the time of writing.
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