Date: Sat, Nov 16, 2024, 03:08 PM GMT
The cryptocurrency market is shining as Bitcoin (BTC) hit a new all-time high of $93,434 following Donald Trump’s recent U.S. election victory. Blue-chip tokens like Cardano (ADA), XRP (XRP), and Litecoin (LTC) have already started their impressive rallies. Meanwhile, Polygon (POL), which is down 57% this year, is slowly gaining bullish momentum. Recent whale activity has sparked a 14% surge today, raising hopes for a long-awaited comeback.
Whale Activity
Recent data from Santiment revealed that wallets holding between 100K–100M $POL have accumulated over 257 million coins since November 4th. This accumulation by whales highlights renewed interest in Polygon, signaling a potential shift in market sentiment.
Technical Analysis: A Potential Breakout in Progress
Polygon’s price action has been confined within a descending wedge pattern for over a year, marking a clear downtrend. However, recent developments indicate that a breakout might be on the horizon:
- Downtrend Trendline: The chart reveals a long-term descending resistance line that has contained POL’s price action since its peak. A breakout above this line would be a strong bullish indicator and could open the door for a rally toward higher levels, with potential targets around $1.40 and $1.80, where previous resistance levels lie.
- Support: The strong base at $0.285 has held firmly, preventing further declines and providing a foundation for the recent upward move.
- RSI: the RSI has rebounded from oversold levels, pointing to strengthening bullish momentum.
What’s Next for Polygon?
If POL breaks above the descending wedge trendline, it could trigger significant buying interest and open the door for a rally toward higher resistance levels. Furthermore, any major announcement from the Polygon team could act as a catalyst, accelerating this upward move.
A confirmed breakout would not only restore investor confidence but also signal the beginning of a broader recovery for POL in the crypto market.
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