Polygon ($POL) is capturing attention with a notable spike in on-chain activity, marked by increases in daily active addresses, transaction volume, and whale participation.
These indicators reflect growing market interest and suggest a potentially bullish outlook for the token.
#Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume, and whale activity.
These are all signs of growing interest and market participation, which typically suggest a bullish outlook for $POL. pic.twitter.com/yWVcudubVL
— Ali (@ali_charts) November 19, 2024
Currently, 81.60% of $POL holders are “out of the money,” meaning they hold positions at a loss. This skepticism surrounding the coin could set the stage for a disbelief rally, where unexpected upward momentum surprises the market.
81.60% of #Polygon $POL holders are currently 'out of the money.' With the level of skepticism surrounding this coin, a disbelief rally could be on the horizon! pic.twitter.com/kSaOprobzD
— Ali (@ali_charts) November 19, 2024
Polygon’s most critical support lies in the $0.375 to $0.386 range. If this level holds, $POL could establish higher highs, as resistance above this zone appears relatively insignificant. Such a scenario would likely attract further buying interest, boosting sentiment.
The most important support level for #Polygon is between $0.375 and $0.386! If it holds, $POL will likely make higher highs as resistance seems insignificant. pic.twitter.com/xZLFJrcotS
— Ali (@ali_charts) November 18, 2024
Adding to the bullish case, Polygon whales have acquired approximately 140 million $POL in the past 96 hours, totaling over $56 million. This substantial accumulation signals confidence in the token’s future prospects and aligns with the uptick in on-chain metrics.
#Polygon whales have bought around 140 million $POL in the past 96 hours, worth over $56 million! pic.twitter.com/Zn6Gd9qvDg
— Ali (@ali_charts) November 18, 2024
AggLayer: A Game-Changing Upgrade
Polygon’s development team is preparing to launch AggLayer, a new interoperability solution compatible with any EVM chain. Slated for release in early December 2024, this upgrade promises to revolutionize blockchain connectivity, enhancing Polygon’s appeal as a scalable and versatile ecosystem.
🎉 Big Leap Forward for #Polygon! 🛠
The $Pol team is gearing up to roll out AggLayer, now compatible with any EVM chain, expected to launch in early December 2024! 🌐
🔗 This upgrade is not just an update; it's a game-changer for blockchain interoperability!
📈Get ready $Pol… pic.twitter.com/URKh5y7mld
— Dr Doo (@DrDoo_) November 18, 2024
With strengthening on-chain activity, strategic whale purchases, and the highly anticipated AggLayer launch, Polygon is poised for a potential breakout. If the key support zone holds, the token could defy market skepticism and embark on a significant rally. Investors and analysts alike are closely watching Polygon as it positions itself for broader adoption and innovation.
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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