- Whale activity and rising adoption signal a potential breakout for Polygon (POL), with price nearing resistance.
- A double bottom pattern and bullish indicators suggest an uptrend, with POL potentially heading towards the $0.50 mark.
After Polygon whales were reported by CNF to be on a rampage with renewed interest to push the price toward $1, Polygon (POL) has been on the rise. This increase comes alongside a trading volume of over $71 million, indicating growing interest from traders. While the price has been moving within a certain range, there are signs that a bigger move could be coming soon.
With a price at $0.4057, up 2.60% in the past day and 7.42% in the past week, Polygon (POL) is nearing resistance. A breakout looks possible. If POL can hold above $0.4045, it might push further towards the $0.50 mark, which would be a 23% increase from its current level.
Double Bottom Pattern Signals Uptrend
The chart shows a double bottom pattern, often signaling a reversal from a downtrend to an uptrend. This pattern is created by two lows at similar levels, signaling strong support. The price has already broken through the neckline of this pattern, confirming the start of an uptrend that could target around $0.4100, just above the current price.
The Relative Strength Index (RSI) is currently at 63.94, close to the overbought zone, indicating strong buying momentum. However, this could also suggest a short-term pause or dip before more gains. Other indicators, like the MACD, also point to bullish momentum.
The MACD line has crossed above the signal line, and increasing green bars on the histogram further confirm the upward trend.
Growing Interest and Whale Activity Add to Bullish Outlook
According to IntoTheBlock updates, POL’s adoption rate has been climbing, hitting 38.68% on September 18, showing more people are engaging with the network despite minor price drops. Over the past month, adoption averaged 30.63%, with peaks at 43.60%, suggesting continued interest.
Additionally, as CNF reported, despite stagnant prices for Polygon (MATIC), crypto whales are betting big on the NuggetRush presale, with large investors or “whales” moving POL from exchanges to cold wallets, indicating accumulation and a reduction in selling pressure.
This shift could be contributing to the recent price movements, showing that major holders are preparing for future gains, further adding to the overall positive outlook for POL.
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