Rally

bullish

Resistance

Polygon

<ul class="wp-block-list">
 <li>Polygon’s price surged 26%, with low profit-taking indicating potential for further growth.</li>  
 <li>Increased on-chain activity and whale accumulation show confidence in Polygon’s future.</li>  
 <li>Overcoming $0.6 resistance could trigger a significant rally, despite potential liquidation risks.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/why-crypto-whales-are-all-in-on-this-new-memecoin-targeting-12000-gains-over-polygon-and-polkadot/" rel="noopener noreferrer nofollow">Polygon (POL)</a> has struggled with poor price action for several months. Despite the much-anticipated MATIC to POL upgrade, market performance has failed to impress. However, recent data shows signs of change. The question now is whether crossing the $0.6 mark could trigger the long-awaited rally.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Morecryptoonl/status/1861450037630324763?t=MqhGaz3zApPnz8j84nFEpA&amp;s=19
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-signs-of-growth-in-the-market">Signs of Growth in the Market</h2>  
<p>Over the past week, Polygon’s price climbed more than 26%. This rise came with the overall market’s <a href="https://cryptonewsland.com/factors-that-could-fuel-pols-rally/" rel="noopener noreferrer nofollow">bullish shift</a>. Despite this, only 15% of investors are currently in profit. This is a positive sign. A smaller number of profitable investors means fewer people are cashing out, which could help drive prices higher.</p>  
<p>On-chain activity is also increasing. The rise in active addresses and transaction volume indicates new investors are entering the market. Additionally, large investors, or whales, have been busy accumulating POL tokens. Recently, whales added 140 million tokens to their holdings, showing confidence in Polygon’s future.</p>  
<h2 class="wp-block-heading" id="h-overcoming-resistance-and-facing-challenges">Overcoming Resistance and Facing Challenges</h2>  
<p>Polygon's potential rally isn't without obstacles. The $0.6 resistance level remains a key hurdle. If <a href="https://polygon.technology/" rel="noopener noreferrer nofollow">Polygon</a> manages to close above $0.7973 on a weekly chart, the price could surge to $15.27 or even $36.17. But there’s a catch. The $0.6 mark could trigger a rise in liquidation, which often leads to price corrections. This could slow down the rally before it truly begins.</p>  
<p>A positive sign is the growing number of long positions compared to shorts. Polygon’s open interest also remains high, suggesting continued <a href="https://fastercapital.com/topics/what-is-bullish-momentum.html" rel="noopener noreferrer nofollow">bullish momentum</a>. With these factors in play, the chances of a revival seem strong. However, the market remains cautious, and the $0.6 resistance must be overcome first.</p>  
<p>In conclusion, crossing $0.6 could set Polygon on a path to significant gains. With increased whale activity, rising investor confidence, and a shift in market sentiment, the stage is set for a potential rally. If Polygon clears the resistance, the future could be very bright.</p>   
<p>The post <a href="https://cryptonewsland.com/polygons-poised-for-a-massive-rally/" rel="noopener noreferrer nofollow">Polygon’s Surge Past $0.6 Could Lead to a Massive Rally</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Polygon’s Surge Past $0.6 Could Lead to a Massive Rally

Table of Contents

Crypto News Land

Other articles published on Nov 27, 2024

As Bitcoin Reaches $100,000 Investors Who Missed BTC At $10K Add Cardano And New Altcoin For Simi...

Golden Cross Signals Potential $TON Price Surge

The U.S. Appeals Court lifts ban from Tornado Cash Smart Contracts

Altcoin’s Community Drive: 100% Bonus & Huge Giveaway Garner $20M in Just 48 Hours!

Tether Discontinues EURT Stablecoin Due to Regulatory Climate in the EU

Google Cloud to Back BNB Chain's MVB Program with $10M in Cloud Service Credits

Join our free newsletter for daily crypto updates!