Polygon's price has recently increased by more than 26% over the past week, despite prolonged underperformance. This rise can be attributed to bullish market conditions and increased on-chain activity, including rising active addresses and transaction volumes. However, only 15% of investors are currently in profit, suggesting a low likelihood of profit-taking and indicating new investor interest.
has been underperforming in terms of its price action for multiple months. This was happening despite its major MATIC to POL upgrade, which had the potential to kickstart a revival.a thread on X, pointing quite a few crucial updates on Polygon . POL price did increase by more than 26% in the past week, which can be attributed to the bullish market condition.espite the price hike, only 15% of POL investors were in profit.
Martinez also talked abut how whale activity was surging. The big pocketed players were on a buying spree as they accumulated 140 million POL tokens in the recent past. This massive hike reflected whales’ confidence in the token, which could be because they expect POL’s price to rise in the coming days or weeks.
Apart from this, POL’s price was moving inside a multi-year bullish pattern. Martinez mentioned that a weekly close above $0.7973 could trigger a rally to $15.27 or $36.17!.Since these aforementioned datasets indicated a revival, AMBCrypto then checked POL’s other metrics to see whether they also backed this possibility.This meant that there were more long positions in the market than short positions, reflecting investors’ confidence in the token.
Polygon POL Price Surge Underperformance Blockchain Activity Whale Activity
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