Polygon Research Hub | POL information, history and analysis

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.

Reports indicate that 93.51% of POL holders are facing losses as they bought their assets at higher prices. Current trading at 0.411 USD poses challenges, especially with a significant whale offloading 5.64 million POL for 2.28 million USD, contributing to a bearish sentiment.

Network activity has seen a sharp decline, with new addresses dropping by 58.67%. Though transactions over 100,000 USD surged by 620%, the drop in retail trading raises concerns about sustained bullish momentum, reflecting weaker participation in the market.

Polygon’s Open Interest has decreased by 14 million USD, demonstrating market uncertainty. DApp volumes fell 41% to 6.16 billion USD, showcasing persistent bearish trends.

The NVT ratio’s rise suggests potential overvaluation for POL, trading at a crucial support level of 0.43 USD. A breach may lead to further declines in the price.

Donald Trump has praised the Polygon Network as the ‘smoothest network’, emphasizing its reliability and excellent performance without failures.

His team launched two NFT collections on the Polygon blockchain, which reinforces its reputation for handling significant projects seamlessly.

Polygon (POL) is consolidating within critical resistance at 0.47 USD and support at 0.41 USD. Currently trading at 0.4505 USD, the token faces a potential breakout that could significantly impact its price.

Recent data shows a 1.17% rise in active addresses and a 1.3% increase in transaction counts, reflecting higher engagement and usage. These metrics, combined with declining exchange reserves by 1.23%, indicate underlying bullish momentum.

If the price breaks above the 0.47 USD resistance, a rally toward 0.63 USD is likely, representing a potential 40% increase. Conversely, failure to maintain the support level at 0.41 USD may lead to bearish trends.

Indian Railways, in partnership with Chaincode Consulting, will issue NFT-based train tickets for the MahaKumbh Mela festival. This festival is significant, occurring every 144 years, and aims to digitize the pilgrimage experience for millions.

NFT tickets will be minted on the Polygon blockchain, which offers faster throughput and lower transaction fees. Alok Gupta, CEO of Chaincode Consulting, emphasized that this initiative strives for environmental sustainability while enhancing user engagement with digital tickets.

With approximately 1.2 million daily bookings, the NFT project aims to attract international participants. Notably, Laurene Jobs, widow of Steve Jobs, is expected to attend the festival in 2025, arousing significant interest.

Polygon’s network activity has seen a remarkable growth with a 426% increase in active addresses over the past week, indicating strong user engagement. Currently, the price of POL is 0.4533 USD, reflecting a decrease of 1.91% within the last 24 hours.

The technical charts show a descending wedge pattern and a double bottom near 0.4389 USD, suggesting potential for a bullish reversal. If POL can surpass the resistance level at 0.5324 USD, a significant rally could occur, provided there is continued buying support to overcome these barriers.

Transactional statistics reveal a significant rise in micro-transactions, with retail users increasingly using the network for everyday transactions. Meanwhile, exchange netflow indicates a 449.6175k token inflow, hinting at a potential increase in market volatility and positioning POL well for future breakout possibilities.