Polygon’s 22% Rally: How Close Is POL to the $0.45 Mark?

News, Trending

  • POL rallies 22%, nearing $0.45 amid strong buying and whale activity.
  • Key support at $0.377 and $0.348 holds, boosting bullish momentum.
  • Technical indicators show increased buying pressure, pointing to further potential gains.

Polygon (POL) has gained serious traction, rallying an impressive 22% over the past week. After recently bottoming out at $0.2853, POL climbed to $0.3868, showing an 8% gain in the last 24 hours alone. In addition, trading volume skyrocketed by an astonishing 219.75% within just one day. With momentum building, traders wonder if POL could soon break past $0.45. Let’s take a closer look.

https://twitter.com/lokeshharii/status/1855407525991989513?t=vP6ff7VvbRhJI6PiXsp9dw&s=19

Building Momentum Sets the Stage for POL

Crypto analysts point to POL’s recent move toward a key descending trendline. Now consolidating near this level, POL’s strong support at $0.377 and $0.348 provides a sturdy base for potential gains.

Analysts believe that a breakout from this trendline could signal a powerful rally, possibly starting what’s known as Wave 5 in technical analysis. This trend would mean a bullish outlook with more room to rise. Several technical indicators back up this optimistic view.

Polygon’s Directional Movement Index (DMI) reflects growing buying pressure, with the +DI rising to 35 and a strong ADX reading of 34. Additionally, the Relative Strength Index (RSI) climbed from 24 to 63, suggesting that demand is high. These metrics point to strong buyer interest, hinting at continued upward movement.

Whale Accumulation Strengthens the Trend

Large-scale investors, or “whales,” have been active in the past day, recording over 27 significant transactions. This steady accumulation from major holders underlines confidence in POL’s future prospects.

With such a high volume of trades from whales, analysts believe Polygon could see even more gains in the short term.The next major milestone centers around POL reaching $0.4. A close above this price would likely encourage more bullish traders, increasing the chances of hitting the $0.45 target.

As trading activity continues to rise, Polygon’s rally appears far from over. All signs currently point toward a favorable path ahead for POL. However, traders and investors should carefully do due diligence to find the right entry price points.

The post Polygon’s 22% Rally: How Close Is POL to the $0.45 Mark? appeared first on Crypto News Land.

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