Polygon’s Network Growth – What Does This Mean for Pol Prices
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- POL has experienced remarkable network expansion, with a positive outlook suggesting a breakout opportunity above $0.5324.
- The market sentiment shows improvement due to heightened retail engagement, supported by technical indicators hinting at a trend reversal.
Polygon [POL] has registered an impressive 426% jump in active addresses over the last week, demonstrating robust user engagement. Currently, the altcoin trades at $0.4533 after facing a slight decline of 1.91% in the past 24 hours.
Despite this minor pullback, POL’s technical and fundamental metrics appear aligned, indicating a potential breakout on the horizon. Will the altcoin break through its resistance and initiate a bullish trend shift?
Are there bullish opportunities?
POL’s price action is illustrating a descending wedge pattern—a well-known indicator of bullish reversals. The double bottom formation at $0.4389 serves as additional support that boosts prospects for price recovery.
If POL surpasses the significant resistance level of $0.5324, it could unleash considerable upside momentum; however, it will need continuous buying pressure to successfully breach this barrier and rise above its previous downturns.
Source: TradingView.
Network activity indicates growing adoption.
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Polygon has reported an impressive rise in network activity with active addresses increasing by 426% over seven days along with zero balance addresses rising significantly by over 1,134%, pointing towards strong user engagement.
Although there was a decrease of approximately 6.83% in new address creations recently， higher numbers of active users illustrate sustained interest on the platform， paving way for potential upward trends across altcoins.
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Source: IntoTheBlock.
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Technical indicators point to recovery potential.>
Currently， POL’s Relative Strength Index stands near oversold levels at around43 .76 signifying chances for price hikes ahead.>
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— Exchange Netflow points towards possible price movement.
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