On April 25, Pol marked his fifth day of winnings and broke a long -term decrease in the decrease in the ecosystem momentum and the demand for NFT.
According to crypto.news, Polygon’s native token, Pol (formerly Matic), almost 20% to an intraday height of $ 0.26, that pushed weekly profit to 34% and a rebound of 70% marked his monthly lows. Market capitalization has crossed $ 2 billion again, with around $ 2.15 billion at the time of writing.
A strong increase in commercial activity supported this rally. The 24-hour volume of Pol also shot 270% to more than $ 340 million, indicating an increased buying pressure. In the meantime, the interest from derived traders is also increasing, with open interest in Pol Futures that climbs by 25% to $ 107 million in the last day alone.
The newest price destination seems to be closely linked to the launch of the BreakOut program of Agglayer, the new initiative of Polygon, aimed at incubating high-impact projects that build on Agglayer and Polygon.
The program supports blockchain startups with financing and DEV sources at an early stage, while Pol Strakers directly rewards directly with token AirDrops ranging from 5% to 15% of the token offer of a project of graduation projects.
In particular, two striking projects, Privado ID and Mons, are already preparing their own drops. Privado ID promises about 5% and Mons plans to air 10% of its tokens of Pol strikers.
The rally also comes in the midst of an increase in demand for NFTs on polygon. A recent report from Crypto.news shows that NFT on Polygon (Pol) reached $ 22.1 million in the seven days prior to 22 April and Ethereum (ETH) surpassed $ 21.8 million in the same period.
From the moment of the press, Polygon also surpasses other platforms in terms of the number of buyers. In the past week, 47,592 people bought NFTs on Polygon, a noticeable increase of around 62%. For comparison: Ethereum had 39,498 buyers per facts from cryptoSlam.
The rising bullish sentiment among its investors is also clear in a steady increase in the number of portfolios that holds between 10,000 and 100 million Pol -Tokens. That suggests that whales and medium -sized holders accumulate, which may be expected more upside down.
Pol -Price analysis
On the daily graph, Pol is eliminated above the upper trend line of a long -term descending pattern that started in December 2023. This type of breakout often indicates at the start of a trend domination, and the momentum looks strong.
It also formed a Golden Cross on the daily period, with the 9-day EMA that moved above the 20-day EMA for the first time since November 2024. At the time, this signal flashed just before Pol went on a rally of 112% within a month and climbed from $ 0.34 to $ 0.71. If history repeats itself, a similar upward movement can be on the cards.
Momentum indicators also lean bullish. The Aroon up is 92.86%, while the Aroon Down is at 35.71%, which shows a clear dominance of buyers. The SuperTrend indicator has also flashed a purchase signal, with its green support line for the first time since last December.
With the current momentum in the game, analysts started drawing up bullish goals. Bitcoin man, for example, pointed out that Pol is currently in the third wave of an Elliott golf pattern and has just reached the 1,618 Fibonacci extension, usually where Golf-3 peaks. A healthy Golf-4 pullback could come, with support between $ 0.241 and $ 0.217.
In the meantime, Mohamed G. Sewid believes that this bumper can be the start of a huge bull run, possibly putting an end to a 3-year corrective wave. As long as the layer of $ 0.151 retains, he says, Pol could look at a return to all time, especially if it cleans up the $ 0.768.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
