Polygon Nears $100B Volume Milestone on Uniswap
Key Takeaways
Polygon (POL) is approaching a significant milestone with nearly $100 billion in trading volume on the Uniswap protocol. While this surge highlights Polygon’s growing importance in the crypto market, some indicators suggest a possible consolidation or an upcoming price increase.
Key Support Zones and Potential Recovery
At the time of writing, the price of POL was $0.2422, reflecting a slight increase of 0.46% within 24 hours. Recently, the price fell below a key support level and consolidated within a descending symmetrical triangle. The zone around $0.2294 is crucial—if it holds, a recovery toward $0.3051 could follow.
The Relative Strength Index (RSI), an indicator used to assess market strength, stood at 34.33. This suggests that POL is oversold, signaling a potential trend reversal. However, if the price continues to decline, further losses cannot be ruled out.
Decline in Network Activity
The number of new addresses on the Polygon network decreased by 13.43% over the past week, while active addresses dropped by 8.74%. This indicates a declining usage trend. Although the network continues to show activity during market fluctuations, the overall trend suggests decreasing participation.
Transaction Volume Declining
Polygon’s on-chain transaction numbers also show a decline. Specifically, transactions in the $0.00 to $1.00 range fell by 12.63%, while transactions between $1.00 and $10.00 dropped by 31.33%. Since smaller transactions often indicate regular network usage, this decline could signal reduced activity.
Interestingly, larger transactions experienced a less significant decline. This could suggest that institutional or high-net-worth investors remain active.
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Declining Exchange Reserves Reduce Selling Pressure
POL holdings on crypto exchanges dropped by 1.05% over the past 24 hours. A decline in exchange reserves often indicates lower selling pressure, as fewer coins are available for trading. If this trend continues, it could signal an impending price stabilization or even a recovery.
Will Polygon Break Out or Continue Consolidating?
As Polygon approaches the $100 billion trading volume milestone, market direction remains uncertain. The decline in network activity and transaction volume could suggest consolidation. At the same time, the drop in exchange reserves hints at potential stabilization.
If Polygon maintains its support zones and market sentiment improves, a price increase could follow. However, if current trends persist, a prolonged consolidation phase is more likely.
Our Assessment
Polygon is at a critical juncture. The declining activity could be a warning sign, but the decreasing exchange reserves suggest possible stabilization. In the short term, it remains to be seen whether support levels hold. In the long term, the network’s development and overall market sentiment will be key factors.
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