- POL price was approaching critical resistance, with a double bottom pattern indicating a possible breakout.
- The accumulation of whales and rising adoption rates signaled bullish momentum for POL as traders kept an eye on key levels.
Polygon [POL] has shown steady growth with a notable price increase of 4.69% in the last 24 hours, pushing the price to $0.3956 at press time.
Recent trading volume reached $71,037,848, reflecting growing interest among traders.
This price action has been limited to a certain range, but technical indicators suggest that a significant move could be imminent.
The current price movement of POL is between key support at $0.3740 and resistance at $0.4045. The price is hovering close to the resistance level, indicating the possibility of a breakout.
Technical analysis indicates that a sustained close above $0.4045 could trigger a bullish continuation aimed at a move towards the $0.50 level. This would represent an estimated 23.12% increase from current trading levels.
Source: TradingView
The double bottom pattern confirms the uptrend potential
The chart also shows a classic double bottom pattern, indicating a bullish reversal that often marks the end of a downtrend.
This pattern emerges after two consecutive lows at nearly the same level, highlighting strong support. The breakout above the double bottom neckline has already occurred, confirming the start of an uptrend.
The measured move of the double bottom points to a potential target near the $0.4100 level, slightly above the current price of $0.3956.
Source: TradingView
At the time of writing, the Relative Strength Index (RSI) stands at 63.94, close to overbought territory, indicating strong buying momentum.
However, it also suggests that the price could undergo a near-term pullback or consolidation before further upward movement.
Other momentum indicators, such as the MACD, support the bullish outlook. The MACD line has crossed above the signal line, a typical indicator of positive momentum.
Green and rising histogram bars further support this bullish trend and confirm the strength of the recent breakout.
The rising adoption rate indicates growing interest
Recently data indicate this an increasing adoption rate for POL, which reached 38.68% on September 18, indicating greater user engagement despite a small price drop to $0.3816.
The average adoption rate over the past 30 days was 30.63%, with a peak of 43.60%, highlighting the fluctuating but generally positive adoption trends.
This growing interest could be a harbinger of further price movements as adoption continues to increase.
Source: IntoTheBlock
According to one recent report by AMBCrypto POL whales have taken important steps after the recent upgrade.
Large holders moved POL tokens from exchange wallets to cold wallets, often signaling accumulation and reduced selling pressure.
Read Polygon [POL] Price forecast 2024–2025
This shift may have contributed to the recent observed price anomalies, as reduced availability on exchanges can support upward price movements.
This behavior indicates that large holders may be positioning themselves for future gains, adding an extra layer of bullish sentiment to the current market outlook.