The Polygon (MATIC) token has recently surged by nearly 3%, outperforming major crypto benchmarks. This remarkable rise is attributed to an exceptional trading volume, indicating increasing institutional investor interest in this blockchain. Let's delve into the details of this promising ascent.
The native token of Polygon, POL (formerly MATIC), has recorded a rise of nearly 3% over the past 24 hours, outperforming the overall market. This evolution follows the establishment of several solid support zones.
The token has moved from $0.184 to $0.20, showing an increase of 8% over the last two days. This progression is notably explained by “exceptional” trading activity, with volume exceeding 597,000 transactions, well above the daily average of 189,000.
Polygon’s technical landscape also displays encouraging signals. Analysts indeed note progressively higher lows, as well as price compression and a daily POC around $0.189, suggesting a possible trend reversal.
Currently, POL is preparing to attempt its breakout from the major bearish trendline and its 20 and 50-day moving averages. If the token manages to break through this resistance, it should continue its progression with a potential increase of 34% up to its 200-day MA at $0.28.
This positive technical momentum, associated with a massive influx of liquidity, suggests that the Polygon token could continue its upward trend in the coming weeks. Savvy crypto investors will undoubtedly keep a close eye on the upcoming developments of this flagship DeFi project.
A break of this resistance at $0.2797 could take POL towards the $0.50 zone and possibly to new highs if buyers continue to show up en masse. Here’s a guide to buying POL right now before its major breakout :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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