- Only 1% of Polygon investors made a profit.
- Statistics suggested that buying pressure was increasing.
Since the switch from MATIC to POL, Polygon has problems when it comes to price. However, it could happen soon.
Notably, a bullish pattern has appeared on the POL chart, which could result in massive growth.
A bull pattern on Polygon’s chart
Polygon has been witnessing major price corrections lately. According to CoinMarketCapThe price of POL fell by more than 3% last week. The bearish trend continued over the past 24 hours and the value fell by 1%.
At the time of writing, the token was trading at $0.3682 with a market cap of over $2.8 billion, making it the 31st largest crypto.
The continued price declines squeezed most investors out of profits. To be precise, only 10.3k POL addresses made a profit, representing just over 1% of the total number of investors.
Source: IntoTheBlock
This also negatively impacted the token’s social stats. For example, the token’s social dominance fell last week, reflecting a decline in popularity.
The weighted sentiment also ended up in the negative zone. This meant that bearish sentiment around POL was dominant in the market.
Source: Santiment
But the trend could change soon as a bullish pattern appeared on the token’s chart. AMBCrypto’s analysis showed that a bullish descending triangle pattern appeared on Polygon’s price chart.
It appeared in September and since then the price of the token has been consolidating.
At the time of writing, POL was testing its support. A successful test could push the token towards the pattern’s highest resistance in the coming days.
Source: TradingView
What awaits POL?
AMBCrypto then checked the token’s other datasets to find out if POL successfully tested the support. According to our analysis, the outflow of POL grants has increased.
Polygon’s supply on the exchanges decreased, while the supply outside the exchanges increased. All three of these figures indicated that buying pressure was high.
When that happens, it signals a possible price increase in the coming days.
Source: Santiment
Is your portfolio green? View the POL profit calculator
We then checked Polygon’s daily chart to discover upcoming goals. If the buying pressure results in a price increase, it won’t be surprising to see the token move towards $0.43 again.
A jump above that could push the token further up to $0.46. However, if the bearish trend continues, Polygon could drop to $0.35.
Source: TradingView