The crypto market showcased a slight downtick during Thursday’s U.S. market session as Bitcoin struggled to sustain above $95,000. While the market trend is yet to determine the continuation of the prevailing uptrend, most major altcoins, including POL moved sideways. However, the Polygon price consolidation witnesses a surge in whale accumulation, indicating a large confidence in potential breakout.
According to CoinGecko, the POL price trades at $0.55 with an intraday loss of 4.4%. According to Coingecko, the asset’s market cap stands at $4.4 Billion, while the $353.5 Million.
- An ascending trendline governs the current recovery trend in Polygon price.
- Multiple higher-price rejection candles and a $0.61 resistance signal a key supply region.
- POL price consolidation witnessed whale buying hints of a potential breakout in the near future.
POL Whale Activity Suggests Confidence in Long-Term Growth
In a recent tweet, renowned trader Ali Martinez highlighted that Polygon (POL) whales have significantly increased their holdings, accumulating over 59 million POL tokens. This surge in whale activity underscores the growing interest in Polygon’s ecosystem, potentially signaling bullish sentiment.
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The accumulation trend often indicates confidence in the token’s long-term potential, fueling speculation about imminent price action.
#Polygon whales bought over 59 million $POL in the last 48 hours! pic.twitter.com/g9CvQCrooF
— Ali (@ali_charts) November 27, 2024
Polygon Price Recovery Hinges on $0.61 Resistance Break
Since last week, the Polygon price has traded sideways, struggling to sustain above $0.612. As the broader market remains in a correction trend, the POL price witnesses no clear initiation from buyers or sellers.
However, an analysis of the 4-hour chart shows an emerging trendline drives the current recovery trendline in Polycon coin. In the last two weeks, the asset has bounced thrice from dynamic support, indicating a crucial pullback support for buyers.
If the bearish momentum persists, the Polygon price could plunge 3% to retest the aforementioned trendline. A potential reversal with signal renewed bullish momentum and challenged the $0.61 resistance.
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Amid whale buying, the potential breakout rally could drive a 30% surge to hit the $0.8 mark.
