Polygon

Date: Thu, Dec 19, 2024, 05:26 AM GMTThe cryptocurrency market today is grappling with bearish momentum as Bitcoin (BTC) experiences a sharp 2.82% decline, bringing its price down to $101K from its recent all-time high of $108K. This downturn follows the Federal Reserve’s recent rate cut of 0.25%, accompanied by remarks from Chairman Jerome Powell clarifying that the central bank cannot own Bitcoin.As Bitcoin’s decline pressures the broader market, Polygon (POL) has been one of the worst-hit altcoins. POL, already on a bearish trajectory, has dropped by 20% over the last week and is down over 5% in the past 24 hours. It is currently trading at $0.52, with a market capitalization of $4.37 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/84903e8664a14826a7da65a4e05a3b26.png" />Source: Coinmarketcap<h3 id="80m-token-sell-off-by-whales">80M Token Sell-off by Whales</h3>Polygon&#39;s recent bearish performance has dampened sentiment among traders and whales. While many old-school altcoins such as XRP, ADA, XLM, and HBAR have posted rallies, POL has struggled to keep pace.According to a report by crypto analyst <a href="https://x.com/ali_charts/status/1869555247670260072" rel="noopener noreferrer nofollow">&#64;ali_charts</a>, whales have offloaded over 80 million Polygon tokens in the past 48 hours, valued at approximately $50 million based on an average price of $0.62. This massive sell-off has exerted additional downward pressure on the asset.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f3f819fddca047a5b19ef954413e18b6.jpeg" />Source: &#64;ali_charts (X)<h3 id="technical-analysis">Technical Analysis</h3>Polygon has been consolidating within a descending triangle pattern since the bull run of 2021. On December 6, POL was rejected at the upper trendline resistance of $0.76, triggering its recent decline.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d5ab7462202b4f23b52250eb209100f2.png" />Currently, POL is trading at $0.52 after bouncing off a minor support level at $0.49 [Marked in blue line]. If this level holds, the token could stage a recovery, targeting the next resistance at $0.58. However, if the $0.49 support fails, POL risks falling further to its bottom support level of $0.44, which could test the patience of long-term holders.<h3 id="what-s-next">What’s Next?</h3>Polygon’s immediate future hinges on its ability to hold support at $0.49 and navigate through broader market bearishness. A bounce from this level could instill confidence and attract buyers back into the market, potentially sparking a rally toward $0.58. Conversely, a break below $0.49 could usher in further downside, leaving $0.44 as the next critical level to watch.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/ethena-ena-rallies-following-proposal-with-wfi-and-whale-accumulation-are-more-gains-ahead/" rel="noopener noreferrer nofollow">Ethena (ENA) Rallies Following Proposal with WFI and Whale Accumulation: Are More Gains Ahead?</a>

Polygon (POL) Marks Significant Decline Following 80M Token Sell-off By Whales: What's Ahead?

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