The crypto market exhibited a slight decline during Thursday’s US market session as Bitcoin struggled to hold above $95,000. Although the market trend has yet to determine the continuation of the dominant uptrend, most major altcoins, including POL, have been moving sideways. However, Polygon’s price consolidation evidences an increase in whale accumulation, indicating high confidence in a potential breakout.
According to CoinGeckoPOL price is trading at $0.55 with an intraday loss of 4.4%. According to Coingecko, the asset’s market capitalization is $4.4 billion, up from $353.5 million.
- An ascending trendline governs the current Polygon price recovery trend.
- Several higher priced rejection candles and resistance at $0.61 signal a key supply region.
- POL price consolidation witnessed whale buying, hinting at a potential breakout in the near future.
POL whale activity suggests confidence in long-term growth
In a recent tweet, renowned trader Ali Martinez pointed out that Polygon (POL) whales have significantly increased their holdings, accumulating over 59 million POL tokens. This increase in whale activity highlights the growing interest in the Polygon ecosystem, potentially signaling bullish sentiment.
The accumulation trend often indicates confidence in the long-term potential of the token, fueling speculation of an imminent price move.
#Polygon whales bought more than 59 million $POL in the last 48 hours! pic.twitter.com/g9CvQCrooF
– Ali (@ali_charts) November 27, 2024
Polygon price recovery hinges on a breakout of $0.61 resistance
Since last week, Polygon price has been trading sideways, struggling to hold above $0.612. While the market as a whole remains in a correction trend, the POL Price there is no clear initiative from buyers or sellers.
However, an analysis of the 4-hour chart shows that an emerging trendline determines the current recovery trendline of the Polycon coin. Over the past two weeks, the asset has bounced three times from dynamic support, indicating crucial pullback support for buyers.
If the bearish momentum persists, Polygon price could plunge 3% to retest the aforementioned trendline. A potential reversal with a signal renewing bullish momentum and challenging the $0.61 resistance.
Amid whale buying, the potential rally could result in a 30% surge to the $0.8 mark.