Polygon whales accumulate as POL looks ready to breakout – What now?

• POL price neared a critical resistance, with a double bottom pattern hinting at a potential breakout.
• Whale accumulation and rising adoption rates signaled bullish momentum for POL as traders watch key levels.

Polygon [POL] has shown steady growth with a notable 4.69% price increase in the last 24 hours, bringing its price to $0.3956 at press time.

The recent trading volume reached $71,037,848, reflecting growing interest among traders.

This price action has been confined within a defined range, but technical indicators suggest that a significant move could be imminent.

POL’s current price movement has been range-bound between key support at $0.3740 and resistance at $0.4045. The price is hovering close to the resistance level, hinting at the possibility of a breakout. 

Technical analysis indicates that a sustained close above $0.4045 could trigger a bullish continuation, targeting a move to the $0.50 level. This would represent an estimated 23.12% upside from the current trading levels.

Source: TradingView

Double bottom pattern confirms uptrend potential

The chart also displays a classic double bottom pattern, signaling a bullish reversal that often marks the end of a downtrend.

This pattern forms after two consecutive lows at nearly the same level, highlighting strong support. The breakout above the neckline of the double bottom has already occurred, confirming the start of an uptrend. 

The measured move of the double bottom points to a potential target near the $0.4100 level, slightly above the current price of $0.3956.

Source: TradingView

As of press time, the Relative Strength Index (RSI) stands at 63.94, near the overbought territory, signaling strong buying momentum. 

However, it also suggests that the price might experience a short-term pullback or consolidation before any further upside movement. 

Additional momentum indicators, such as the MACD, are supporting the bullish outlook. The MACD line has crossed above the signal line, a typical indicator of positive momentum.

Green and rising histogram bars further support this bullish trend, confirming the strength of the recent breakout.

Rising adoption rate signals growing interest

Recent data indicates a rising adoption rate for POL, reaching 38.68% on the 18th of September, suggesting increased user engagement despite a minor price dip to $0.3816.

The average adoption rate over the last 30 days has been 30.63%, peaking at 43.60%, highlighting fluctuating yet generally positive adoption trends. 

This growing interest could be a precursor to further price movements if the adoption continues to increase.

Source: IntoTheBlock

According to a recent report by AMBCrypto, POL whales made significant moves following the recent upgrade.

Large holders moved POL tokens from exchange wallets to cold wallets, which often suggests accumulation and reduced selling pressure. 

Read Polygon’s [POL] Price Prediction 2024–2025

This shift may have contributed to the recent price anomalies observed, as reduced availability on exchanges can support upward price movements.

This behavior indicates that major holders may be positioning for future gains, adding another layer of bullish sentiment to the current market outlook.