Polygon (POL) is experiencing strong selling pressure after a large whale sold off 5.64 million tokens worth $2.28 million, incurring a $1.32 million loss. This move, coupled with declining network activity and reduced retail participation, raises concerns about the coin's future price performance.
faces strong selling pressure as a whale offloads 5.64M POL worth $2.28M to Coinbase, taking a $1.32M loss. The whale accumulated these tokens for $3.6M over the past two months, suggesting a shift in sentiment.
Additionally, the descending wedge pattern suggests that further downside is possible unless buyers reclaim higher levels. Therefore, if POL fails to hold above $0.40, a deeper correction could follow.On-chain data reveals that 93.51% of POL holders remain out of the money, meaning they purchased at higher prices. Additionally, only 4.58% of addresses are in profit, highlighting weak investor confidence.
Additionally, lower participation could mean reduced demand for POL, making recovery harder. Therefore, if network activity does not rebound, POL could struggle to gain upward momentum.Polygon transactions between $100K and $1M surged 620%, indicating increased institutional movement. However, transactions under $100 have dropped sharply, showing that retail interest is fading.
POLYGON Cryptocurrency Whales Selling Pressure Market Sentiment Network Activity
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