Date: Sat, May 10, 2025 | 05:30 PM GMT
The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $103K mark, while ETH has soared more than 66% in the past 30 days, now trading just below of $2,500 — its highest level in months. This bullish wave is spilling into altcoins too, including Polygon (POL).
POL is currently up over 48% in monthly gains, now trading near $0.26. Its price action on the daily chart is beginning to show a potentially bullish setup, which could hint at more upside in the near term.
Inverse Head and Shoulders Pattern Forms
A classic inverse head and shoulders formation has emerged on the POL chart. This pattern is widely regarded as a bullish reversal signal, suggesting that the recent downtrend may be coming to an end.
The left shoulder formed in late March, followed by a sharp drop that created the head with a low of $0.1522 on April 7. Since then, POL has rebounded steadily, forming the right shoulder earlier this month. The price also bounced off the 50-day moving average, which has acted as dynamic support.
Now trading around $0.26, POL is testing its neckline resistance near the $0.2750 level. A breakout above this zone would validate the inverse head and shoulders pattern and could indicate the beginning of a sustained uptrend.
What’s Next for POL?
If buyers can push POL decisively above the neckline at $0.2750, it would confirm the bullish pattern and likely trigger further momentum. Based on the measured move from the head to the neckline, the projected target comes in near $0.3772. This implies a potential upside of more than 43% from current levels.
With improving sentiment, a confirmed bullish reversal pattern, and momentum across the altcoin space, POL could be setting up for a strong run in the weeks ahead.
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