- POL currently trades at $0.7063, significantly below its all-time high of $2.9 from December 2021.
- Analyst Javon Marks points to a bullish divergence on POL’s chart, hinting at a potential 300% rally.
- Despite rising prices, POL’s trading volume has decreased, and its MVRV ratio has fallen to 37.7%.
In recent weeks, Polygon [POL], a well-known cryptocurrency, has shown indications of a recovery, suggesting an uptick in investor interest. This development is marked by an 18% increase in POL’s price last week, which has helped the token regain some of its previously lost market capitalization.
Currently, Polygon stands as the 27th largest cryptocurrency with a market capitalization of $5.9 billion.
At present, POL is trading at $0.7063, significantly lower than its all-time high of nearly $2.9, last reached on December 27, 2021. Despite this gap, recent analytical trends indicate that POL may be poised for a good rally.
Javon Marks, a recognized figure in cryptocurrency analysis, noted a bullish divergence on POL’s chart, a pattern similar to one observed in 2021 that preceded a substantial increase in its value.
$MATIC (Polygoin) has confirmed its largest Bullish Divergence EVER and can also be pushing towards its larger breakout ever which in turn, may result in an unprecedented bullish performance from!
A near 300% move to All TIme Highs to $2.879 could be a minimal part of its run 😬 https://t.co/lGsnLyFQUV pic.twitter.com/wQMh99uq7T
— JAVON⚡️MARKS (@JavonTM1) December 7, 2024
The historical precedent set in 2021 suggests that POL could potentially exceed its previous peak performance. Marks’s observations also highlight that POL may be on the verge of breaking out from a current pattern, which could catalyze a rally of up to 300%.
In terms of short-term expectations, while POL’s price has risen, its trading volume has declined, suggesting a decrease in trading activity. Additionally, according to data from Santiment, POL’s Market Value to Realized Value (MVRV) ratio has dropped, currently standing at 37.7%.
This ratio can indicate the profitability of the token when held over a specific period, and a lower ratio might suggest a lack of immediate upward price pressure.
Furthermore, despite the price increase, POL has recorded higher realized losses, as per Glassnode. This could indicate that some investors are selling their holdings at a loss, potentially to cut their losses in a volatile market.
However, the transaction velocity of POL remains high, suggesting that the cryptocurrency is still frequently used in transactions.
The current price of Polygon (MATIC) is $0.7061, with a slight decline of 0.58% at the time of analysis. Key data includes a day’s range between $0.6940 and $0.7187, with the market showing a neutral technical indicator summary.
Recent technical observations suggest that Polygon is experiencing a potential buildup of bullish momentum as it stabilizes above previous resistance levels, hinting at a possible target around $0.80 in the short term.
[mcrypto id=”12341″]
The current price of Polygon (MATIC) is $0.7061, with a slight decline of 0.58% at the time of analysis. Key data includes a day’s range between $0.6940 and $0.7187, with the market showing a neutral technical indicator summary.
Recent technical observations suggest that Polygon is experiencing a potential buildup of bullish momentum as it stabilizes above previous resistance levels, hinting at a possible target around $0.80 in the short term.
