Polygon price remained under intense pressure at the crucial support at $0.100 despite having some of the best metrics in the crypto industry.
Summary
- Polygon price has crashed to an important support level.
- Nanen data shows that the network’s transactions have jumped.
- Additional data indicate that the number of active addresses has increased substantially.
Polygon (POL) token was trading at $0.1030, down by 85% from its highest point in November last year.
Data compiled by Nansen shows that Polygon was the second-fastest-growing chain in the last 30 days. The network’s transactions jumped by 90% to 172 million, higher than Arbitrum’s 79 million and Ethereum’s 47.2 million.
Polygon’s active addresses jumped by 30% in the last 30 days to 14.2 million. Its addresses were much higher than most other chains, including Arbitrum, Aptos, and Ethereum.
Its growth has been driven by recent integrations, especially with top companies like Polymarket, Stripe, Shift4, and Revolut. In an X post, Polygon noted that Stripe’s payments have increased to over $70 million, a figure that will likely continue growing.
Polygon has also become a major player in the decentralized exchange industry. Data compiled by DeFi Llama show that DEX protocols in its network handled transactions worth over $210 million in the last 24 hours and $5.72 billion in the previous 30 days.
Polygon price technical analysis
The daily chart shows that the POL token has dropped from a high of $0.766 in November last year to the current $0.10. Most recently, its attempts to rebound found substantial resistance at $0.2970 in September.
The token formed a head-and-shoulders pattern, a popular bearish reversal sign. It has also remained below the 50-day and 200-day moving averages, a sign that bears have prevailed.
On the positive side, the token is showing some bottoming signs. It has formed a falling wedge pattern, a popular bullish reversal sign. The two lines of the wedge are about to converge, meaning that a bullish breakout may be about to happen soon.
The odds of a rebound have increased after the token formed a bullish divergence, with leading oscillators such as the percentage price oscillator and the Relative Strength Index pointing upward.
Therefore, the token will likely rebound and hit the resistance at $0.1520. A break above that level will confirm the bullish breakout and indicate further gains.
