bullish

Bitcoin

Polygon

A surge in crypto whale activity and on-chain indicators is pushing Polygon (<a href="https://yellow.com/asset/pol">POL</a>) towards a<a href="https://coingape.com/polygon-price-eyes-massive-50-breakout-amid-pol-whale-activity/"> breakout.</a> The token will soon join other altcoins like Solana, Cardano, and XRP, which have seen unprecedented surges over the last week and continue to gain. 
The POL token is up for a 50% breakout despite changing its name from MATIC to POL which made it struggle to gain momentum amidst the crypto market’s bullish run and the Bitcoin price rally. But now that Polygon has started recovering, analysts are betting on its upward trend. 
In the 24 hours leading up to November 19, POL has surged 7% to trade at $0.4442 with its market cap crossing $3.5 billion. The digital asset’s trading volume also increased by 53% to reach $434 million which indicates that the altcoin is facing a strong bullish sentiment. 
Most analysts are optimistic about Polygon’s further surge with some observers pointing out that the token has breached a resistance level on higher time frames (HTFs) which suggests that the bullish run will continue. 
Meanwhile, the multi-year timeframe price charts show that the Polygon is headed for a breakout from its present cup-and-handle pattern. The altcoin has to face the $0.44 resistance level, above which it must consolidate to surge further. If POL successfully holds above this resistance level then a 50% price gain is likely to happen. 
The increasing trading volume of the altcoin indicates a positive momentum and the growing interest of crypto investors in Polygon. This has prompted some analysts to predict a 3050% price rally for POL. 
Analysts like Ali Martinez have revealed that crypto whales have gathered more than 140 million Polygon tokens in the last 4 days which has further attracted other investors to the altcoin. The over $56 million worth of POL accumulation could trigger more gain for the token if it holds above the current support level of $0.375 and $0.386. The digital asset will rally to higher levels as the resistance is weak at these levels. 
Not just the crypto whale activity, Polygon is also experiencing a rising on-chain activity including transaction volume surges and an increase in daily active addresses. These metrics point towards a spike in market participation and interest for the altcoin and vindicate the bullish outlook for the token. 
Hence, crypto investors should closely monitor Polygon’s price movements as it is likely to follow the path of other altcoins like Cardano, Solana and XRP and join the altcoin market rally. 
At the time of writing on November 19, POL was trading at $0.4381, down 3.42% in the last 24 hours while its trading volume has gained 23.37% to reach $15.29 million and market cap stood at $1.02 billion.

Polygon Up For A 3050% Growth As Whale Gathers $56M Worth POL Tokens

Yellow News

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