Polygon [POL] Bulls Set Sights on $0.43

Ever since transitioning from MATIC to POL, Polygon has been encountering challenges in terms of its price performance. Nevertheless, there seems to be a glimmer of hope on the horizon.

An optimistic pattern has emerged on the chart of POL, signaling the potential for substantial growth.

A Positive Pattern Unveiled on Polygon’s Chart

Recently, Polygon has been experiencing significant price adjustments. According to data from CoinMarketCap, POL witnessed a reduction of more than 3% in its price last week. This downward trend persisted in the past 24 hours, causing a 1% decrease in its value.

Currently, the token is being traded at $0.3682, boasting a market capitalization exceeding $2.8 billion, positioning it as the 31st largest cryptocurrency.

As a result of the ongoing price declines, the majority of investors found themselves unable to profit. Specifically, only 10.3k POL addresses were profitable, representing slightly over 1% of the total investor base.

Consequently, this downturn has negatively impacted the token’s social performance. Notably, the token’s Social Dominance experienced a decline last week, indicating a diminishing level of popularity.

The Weighted Sentiment metric also veered into negative territory, underscoring the prevailing bearish sentiment surrounding POL in the market.

Nonetheless, a positive shift might be on the horizon as a bullish pattern has surfaced on the token’s chart. Analysis conducted by CryptoCrypto revealed the emergence of a bullish descending triangle pattern in Polygon’s price chart.

This pattern first appeared in September and has since led to a consolidation phase in the token’s price.

Presently, POL is undergoing a test of its support level. A successful validation of this support could propel the token towards the upper resistance of the pattern in the upcoming days.

Future Prospects for POL

Further analysis by CryptoCrypto on the token’s additional datasets sought to ascertain the likelihood of POL successfully testing its support level. Our assessment indicated a surge in POL’s exchange outflow.

The supply of Polygon on exchanges witnessed a decline, while its off-exchange supply observed an increase. These metrics collectively suggest strong buying pressure in the market.

Historically, such conditions often precede a potential price surge in the forthcoming days.

Subsequently, a review of Polygon’s daily chart was conducted to assess the upcoming price targets. In the event of the escalating buying pressure resulting in a price surge, a retesting of $0.43 for the token wouldn’t be unexpected.

A breakthrough above this level could fuel the token’s ascent towards $0.46. Conversely, if the bearish trend persists, Polygon might dip to $0.35.