Polygon

Date: Sat, Nov 16, 2024, 03:08 PM GMTThe cryptocurrency market is shining as Bitcoin (BTC) hit a new all-time high of $93,434 following Donald Trump&#39;s recent U.S. election victory. Blue-chip tokens like <a href="https://coinsprobe.com/cardano-ada-continues-bullish-run-with-double-digit-gains-will-the-next-breakout-take-it-above-1/" rel="noopener noreferrer nofollow">Cardano (ADA)</a>, XRP (XRP), and Litecoin (LTC) have already started their impressive rallies. Meanwhile, Polygon (POL), which is down 57% this year, is slowly gaining bullish momentum. Recent whale activity has sparked a 14% surge today, raising hopes for a long-awaited comeback.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9db5941d9ee7458487713db7503267c8.png" />Source: Coinmarketcap<h3 id="whale-activity">Whale Activity</h3>Recent data from Santiment revealed that wallets holding between 100K–100M $POL have accumulated over 257 million coins since November 4th. This accumulation by whales highlights renewed interest in Polygon, signaling a potential shift in market sentiment.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4a9fc4739d7940f5995d7e16a6d329c3.jpeg" />Source: <a href="https://x.com/hamidn2020/status/1857774331691938002" rel="noopener noreferrer nofollow">&#64;hamidn2020 (X)</a><h3 id="technical-analysis-a-potential-breakout-in-progress">Technical Analysis: A Potential Breakout in Progress</h3>Polygon&#39;s price action has been confined within a descending wedge pattern for over a year, marking a clear downtrend. However, recent developments indicate that a breakout might be on the horizon:<img src="https://academy-public.coinmarketcap.com/optimized-uploads/76820da168ff4ae7947ea37de2ebcacd.png" /><ul><li>Downtrend Trendline: The chart reveals a long-term descending resistance line that has contained POL’s price action since its peak. A breakout above this line would be a strong bullish indicator and could open the door for a rally toward higher levels, with potential targets around $1.40 and $1.80, where previous resistance levels lie.</li><li>Support: The strong base at $0.285 has held firmly, preventing further declines and providing a foundation for the recent upward move.</li><li>RSI: the RSI has rebounded from oversold levels, pointing to strengthening bullish momentum.</li></ul><h3 id="what-s-next-for-polygon">What’s Next for Polygon?</h3>If POL breaks above the descending wedge trendline, it could trigger significant buying interest and open the door for a rally toward higher resistance levels. Furthermore, any major announcement from the Polygon team could act as a catalyst, accelerating this upward move.A confirmed breakout would not only restore investor confidence but also signal the beginning of a broader recovery for POL in the crypto market.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read:<a href="https://coinsprobe.com/mantra-om-surges-to-new-ath-following-major-announcement-hint-whats-next/" rel="noopener noreferrer nofollow"> Mantra (OM) Surges To New ATH Following Major Announcement Hint: What’s Next?</a>

Polygon (POL) Gains Momentum After Whale Accumulation: Will It Make A Comeback?

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