A significant number of $POL holders from the previous market cycle remain at a loss, with only 15.11% of Polygon investors currently in profit.
While this might seem discouraging, it presents an opportunity for price action stability, as most investors are unlikely to sell in the near term.
On-chain data reveals a noticeable uptick in activity, suggesting that new investors are positioning themselves in the market. Active addresses, transaction volumes, and whale activity on the Polygon network have all seen recent increases, indicating renewed interest in $POL.
Whale activity, in particular, stands out. Large investors have recently accumulated over 140 million $POL, signaling strong confidence in the asset’s potential upside. With minimal selling pressure and robust accumulation by whales, the technical outlook for Polygon looks promising.
Possible Price Target Levels For $POL
From a technical analysis perspective, $POL appears to be consolidating within a multi-year descending triangle pattern. A critical resistance level lies at $0.7973, and a weekly close above this level could trigger a significant rally. Analysts project potential price targets of $15.27 and $36.17 if the breakout materializes.
A lot of investors hold $POL from the previous cycle, and nearly all of them are at a loss.
In fact, only 15.11% of #Polygon holders are in the green. This is a positive sign for price action because many won't try to book profits anytime soon.https://t.co/yeOat6r517
— Ali (@ali_charts) November 25, 2024
Key support for $POL exists between $0.375 and $0.386, a range that acts as a strong demand zone. However, if this zone is lost, it could invalidate the bullish thesis and prompt traders to reconsider their positions.
With strong whale accumulation, rising network activity, and a favorable technical setup, Polygon is poised for a potential breakout. Investors will be closely watching for a decisive move above $0.7973, which could signal the start of a substantial upward trend.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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