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Information about Polygon (POL)
Polygon is a Layer-2 Ethereum blockchain project, aiming to scale and improve the existing issues on the Ethereum network such as slow transaction speed, limited scalability, and high fees. Polygon combines Plasma Framework and Proof-of-stake model, enabling easy-to-implement, scalable, and self-governing smart contracts.
POL is the new native token of the Polygon ecosystem, operating on the Ethereum platform under the ERC20 standard. POL is integrated into the core operations of Polygon’s main products and applications within the ecosystem. POL will replace the old MATIC token and will be used for the following purposes:
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Polygon has shown a bullish structure in the short term, but faces strong resistance at $0.285 and $0.3. The token’s 15% increase over three days and rising trading volume signal activity, but the bearish trend in longer timeframes raises caution for potential investors.
Technical indicators suggest bullish potential with a rising OBV and an RSI nearing neutral. However, the overall bearish sentiment on higher timeframes means that traders should be cautious, particularly around key resistance levels to observe potential market shifts.
Polygon is closing in on a significant 100 billion USD trading volume milestone on the Uniswap Protocol.
Currently, POL is priced at 0.2422 USD. With key support at 0.2294 USD, a bounce back to 0.3051 USD is possible, depending on market conditions.
A decline in both new and active addresses signals potential market difficulties, despite a decrease in exchange reserves suggesting reduced selling pressure.
The NFT market faced a 33.73% decrease in sales, totaling 119.49 million USD. Noteworthy declines in buyers (95.33%) and sellers (94.06%) were recorded, with Ethereum-based NFTs hitting 62.71 million USD in sales, a 38.41% drop. However, Polkadot’s Mythos showed resilience with 13.97 million USD in sales.
Sales on Solana fell by 32.56% to 11.09 million USD, whereas Polygon witnessed a slight increase, reaching 8.13 million USD. Despite the downturn, some collections like Mythos and the Pudgy Penguins maintained notable sale figures, reflecting varying trends across different platforms.
Polygon is facing a critical juncture as it trades between 0.28 USD and 0.50 USD. After a 55% decline from its peak, trading volume has plummeted to below 500 million USD, indicating waning investor interest.
With 81% of Polygon controlled by a single whale, market stability is in question. If Polygon fails to hold the 0.50 USD support, further declines could ensue, pushing the price closer to 0.28 USD.
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