Polygon’s Bullish Momentum Faces Key Resistance – Will POL Breakout?

• Polygon (POL) shows bullish indicators, but price action remains in consolidation, with key resistance at $0.4477 determining the next breakout.
• Rising network activity and smart money sentiment signal potential for an upward move, though market caution persists.

Following recent analyst insights shared in a CNF report, we learned that Polygon (MATIC) is poised for a 1,500% bullish wave. Currently, POL, formerly known as MATIC, is experiencing a shift in market sentiment, with both crowd and smart money indicators reflecting growing bullishness. The crowd sentiment is currently at 0.95, while the smart money sentiment is notably higher at 3.00.

As of today, according to CoinMarketCap, Polygon (POL) is trading at $0.3531, with a decline of 2.03% in the past day and 3.37% in the past week. Nevertheless, these signals, combined with rising network activity, suggest that POL could be on the verge of a significant price movement.

Technical and On-Chain Analysis: Is a Breakout on the Horizon?

With the Stochastic RSI at 32.65, the asset is nearing the oversold zone, which could indicate potential buying pressure in the near term. Meanwhile, the MACD remains neutral, suggesting that POL could continue to consolidate before making any decisive move.

Despite this, similar to recent market condition reported by CNF, MATIC’s price remains 85% down from its all-time high, struggling in the bear market. Polygon’s on-chain metrics show renewed interest, with active addresses rising by 0.96% and transaction count increasing by 0.86% to 2.49K in the last 24 hours. These gradual increases point to a steady uptick in user activity, which may bolster the current bullish outlook if price momentum follows.

In the futures market, the POL OI-weighted funding rate remains neutral at 0.0100%, suggesting no significant pressure from either bulls or bears. A breakout above the $0.4477 resistance level is critical for the token to build upward momentum. Until then, the token’s price may remain range-bound as traders exercise caution.

Recommended for you: