Polygon: Why $0.37, $0.38 support levels are key for POL to rally

Polygon whales have accumulated 140 million tokens worth $56 million. POL has surged by 17. 45% over the past month

has experienced a strong upswing. Since hitting a low of $0.28, the altcoin has surged to hit a high of $0.47.

However, POL has seen a decline on weekly charts, dropping by 0.92%. Even though POL has witnessed a price pump, it remained 66.07% below its ATH of $1.29. In context, when we say resistance seems insignificant it means that at these levels, the prices are unlikely to encounter strong selling pressure.

This increased buying pressure was evident from the fact that Polygon’s Relative Strength Index surged from 49 to 60. When the RSI rises, it shows that buyers are entering the market, thus increasing buying pressure.Additionally, the increase in buying pressure was further supported by rising whale accumulation. Polygon’s whales have bought around 140 million POL tokens over the past four days, worth $56 million.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Unpacking Polygon’s Q3 struggles – Can POL bounce back in Q4?Polygon [POL] underwent a major upgrade in the last quarter, bringing several changes to the blockchain but it didn't help
Read more »

Polygon: Can network growth help POL overcome selling pressure?Polygon (POL) has recorded a surge in its DeFi TVL to a 7-month high. However, POL's rounding top pattern could signal more bearish trends
Read more »

Polygon price analysis: Can bullish sentiment push POL past key resistance?Polygon is experiencing a noticeable shift in market sentiment with both crowd and smart money indicators signal growing optimism.
Read more »

Will Polygon [POL] break the $0.4282 resistance, reach $0.5652?POL is set for a breakout to $5.6, supported by an inverse head-and-shoulders pattern and bullish on-chain metrics
Read more »

Polygon surges 22% in 7 days: Is $0.45 next for POL?POL has surged by over 22.24% over the past week. Market fundamentals suggest a potential upsurge to a recent high of $0.45.
Read more »

POL hits new lows amidst Polygon’s TVL surge: A chance to invest?MATIC sinks to new lows underscoring a lack of attractiveness to investors but could that change as Polygon continues seeing growth?
Read more »