Polygon is down today, but charts say POL is gearing up for a rally

Polygon has fallen almost 10% over the past 24 hours, so that the downward trend is extended for a third consecutive day. However, a bullish reversing pattern on the daily graph has emerged, which will soon indicate a potential rebound.

According to data from crypto.news, Pol (Pol) was traded at $ 0.225, with 9.5% in the last 24 hours, with a market capitalization of $ 2 billion from Thursday 24 July. This marks a decrease of 13.46% of the highest July, probably driven by profitable by investors of investors of investors of investors after the Token’s Rally Bitcoin and Eatheereum.

Although topping the Layer-2-scale solution 56% remains under its year to date, recent developments in the Polygoon ecosystem are suggesting that the network recovers visibility and can take advantage of renewed investor interests.

Fresh developments can breathe new life into the interests of investors

First, the Polygon team recently announced It has become the blockchain infrastructure behind Betoken, Spain’s first fully EU-regulated, security nest smoking for chains, which marks an important step for Real-World asset-tokenization in Europe.

If the model sees a wider acceptance throughout the EU, it will probably increase the volume of tokenized effects, stablecoin activity and settlements on the polygon network, which enhances the long-term demand to the POL tuck.

Secondly, Sentiment around Polygon can also improve, because Polymarket, the popular market for predictions on the chains built on its network, is set to Return to the US After obtaining a CFTC agent derivative exchange. The move comes after supervisors have concluded an investigation that had forced the platform to block American users since 2022.

With polymarket that switches from a regulatory gray area to full compliance, polygon is benefiting from an increased transaction volume, user involvement and greater visibility on the American market.

Chain statistics are bullish

On-chain statistics also present a positive view of polygoon. According to Defillama factsThe total market capitalization of stablecoins on the network has risen by 8%and reaches $ 2.9 billion from the moment of the press.

Stablecoins are the backbone of most Defi activity, and this increase suggests the growing demand and liquidity of users in the Polygoon Ecosystem, which could support a broader recovery for the POL -Token.

Whales have been interested in token lately, with Nansen data that indicate that the total balance of Pol has risen to 1.56 million tokens in the hands of Walvisportfeuilles, an increase of 33% in the last 30 days. At the same time, the total POL balance on exchanges has fallen by 4.5% to 1.23 billion tokens.

With the rising of whales and fewer tokens on exchanges, the sales pressure can illuminate, making the stage set for a top.

POL price forms a double bottom

On the daily graph, Pol seems to form a pattern with double bottom with double bottom, usually considered a bullish reversal signal that forms after a long -term downward trend. The neckline of the pattern is at $ 0.2768, while the two soils are anchored near the level of $ 0.1637.

In addition, a Golden Cross has formed, with the 20-day simple advancing average crossing above the 50-day advancing average, an indication that the momentum can shift in the short term in favor of the bulls.

If the Bullish Momentum persists, an outbreak above the neckline resistance can attach the pattern and open the door for further upside down at $ 0.2768.

Based on the depth of the pattern of around 40.6%, the projected price target is $ 0.393, which implies a potential benefit of around 78% compared to the current levels. However, a decisive break under the most important support for $ 0.20 would destroy this setup and invalidate the bullish outlook.