Polygon (POL) is moving in a positive price trajectory after finding support near the $3.30 level. According to CoinMarketCap, the POL price has surged by 1.59% over the last 24 hours but remains up 6.25% over the last week.
At the time of writing, POL is trading at $0.09066, with a trading volume of $67.74 million, which has surged by 8.15% over the last 24 hours. However, its market capitalization stands at $960.35 million, which is up by 1.61%.
Source: CoinMarketCap
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Furthermore, the crypto analyst Jonathan Carter highlighted that POL continues to demonstrate resilience as it holds firmly above the lower boundary of a falling wedge pattern on the higher timeframe.
This technical structure is often linked to potential bullish reversals, especially after extended declines, signaling that selling pressure may be weakening while the market stabilizes around a key support zone.
Beyond price structure, market behavior suggests a phase of quiet accumulation. Analysts point to steady buying interest near current levels, often associated with institutional participation.
Such accumulation phases typically occur before significant directional moves, indicating that larger players may be positioning themselves in anticipation of a potential breakout from the current consolidation range.
Source: Jonathan Carter’s X Post
If the bullish trend is validated, POL is seen testing resistance levels of $0.12, $0.17, and $0.21 before rising higher to reach $0.29 and $0.41.
But this forecast hinges on whether the token can hold its ground in the wedge pattern. Otherwise, a violation of this technical level will render the bullish expectation less likely.
According to TradingView, POL demonstrates that there has been a new bullish trend after experiencing a strong downward trend that has ended around $0.08210.
The price movement has demonstrated strength and is able to move above the 20, 50, and 100-period EMAs. However, the 200 period EMA at $0.09146 forms an effective resistance level during the breakout.
Source: TradingView
Technical indicators show that the market is heading towards becoming overextended. The Relative Strength Index (14) stands at 68.66 and is close to becoming overbought as it stays slightly below 70.
Although the uptrend is still very powerful, the tightening spread between the price and the 200-period exponential moving average signals that consolidation may be on the horizon.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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