Is Polygon Crypto On The Verge Of A Bullish Rally? Analyst Weighs In

Polygon (POL) looks rather good and shows signs that it might eventually rise in price after passing an important resistance level of $0.44.

According to a crypto analyst CryptoFaibik on X,

“$POL Looks Pretty Bullish for the Midterm. So Keep an eye on it.”

Following a recent breakout above the key resistance level of $0.44, analysts are expecting a 50% price increase. The surge in whale activity, with over 140 million POL tokens accumulated in just four days, has added fuel to the fire.

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Details on Polygon Crypto Trends: Weekly and Last 24 Hours

The price of Polygon has been bullish for the past 7 days with an increase in price of over 12.70% with a total market cap of over 1.01B.

This has given it an increase of 2.43% sitting at a price of $0.4335 in the last 24 hours showing the token is gaining strength.

Moreover, since its rebranding from MATIC to POL, the coin has been facing some tough times, especially with Bitcoin leading the market.

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However, with the heating of the altcoin market, Polygon is now drawing fresh attention from investors. The rise in price, combined with more trading, shows people are growing in confidence in POL.

As the broader altcoin market rises, many believe POL still has room to continue its upward march and that with a bit of luck, it could be one of the best performers.

Analyst Views on Polygon Price Movement and On-Chain Information

Crypto analysts Ali_charts on X, pointed out a rise in on-chain activity stating “Polygon is showing an important increase in on-chain metrics, including active addresses, transaction volume, and whale activity”. All of those are signals of increasing interest and market engagement, which generally point to a positive outcome for $POL.

Building on this feeling, another crypto analyst crypto insider stated in a tweet on X expressing his trust in the token, saying “I’m loading $POL at current levels. We’re consolidating under resistance with rising volume—a classic setup for a big move.”

These remarks show the increasing positive feeling about Polygon, backed by rising volume and consolidation under resistance, which both suggest a possible breakout.

Another strong driver in the POL price trend is whale activity. Large investors have been pulling millions of POL tokens from exchanges in recent times, which normally hints at their accumulation of the token.

On-chain data, such as increased active addresses and growing transaction volume, also point to the fact that POL is in a good position for growth.

Furthermore, Ali Martinez also highlighted that 81.60% of POL holders are currently ‘out of the money,’ meaning their holdings are not profitable at the moment.

This level of skepticism could set the stage for a “disbelief rally,” as such conditions often precede a sharp price increase when investor sentiment shifts.

POL/USD Technical Analysis

Adding to the bullish sentiment, Crypto analyst CryptoBull_360 noted in his recent post on X that Polygon has crossed the key resistance on the higher time frames, which essentially means it’s due to continue upward.

This analyst points out that as long as POL is able to stay above the $0.44 resistance level, it might also see a further price increase with the present good momentum and increasing volume supporting such a view.

It is also forming a multi-year cup-and-handle pattern, which in technical analysis is considered to be a very positive signal for prices.

This normally indicates that after a period of consolidation, the price may break out and rise by a large amount.

Experts are closely watching price action around the $0.44 resistance level, as staying above it could indicate a 50% rise.