The Polygon price is set to join the altcoin market rally eyeing a 50% breakout on the technical chart amid strong on-chain indicators and whale activity. Despite its rebranding from MATIC to POL, the altcoin struggled to gain traction amid strong Bitcoin and crypto market resurgence this year. However, investors are making fresh bets with POL resuming the upward trajectory.
Polygon Price Eyes Massive 50% Breakout
The POL price has been on an upward trajectory gaining 7% in the last 24 hours, trading at $0.4442 with its market cap crossing $3.5 billion. Also, the daily trading volumes have surged by 53% shooting all the way to $434 million showing strong bullish sentiment for one of the top altcoins.
Crypto market analysts are turning bullish expecting the POL price rally to continue further from here. Popular crypto handle CryptoBull_360 reported the Polygon (POL) has successfully breached a significant resistance level on higher time frames (HTFs), signaling the potential for a major bullish rally.
As shown in the below image, the Polygon price is giving a breakout from the cup-and-handle pattern on a multi-year timeframe. Traders are looking for a strong consolidation over the new resistance of $0.44, as it could trigger further upward momentum. Holding above this can open the gates for a 50% rally moving ahead.
Additionally, strong volume indicates growing investor interest and positive momentum in the market. Some market analysts have also been suggesting a massive 3050% POL price rally moving ahead.
POL Whale Activity and On-Chain Data
Popular crypto analyst Ali Martinez reported that in the last four days, POL whales have accumulated 140 million POL tokens, worth more than $56 million. The critical support zone for Polygon is currently between $0.375 and $0.386, and if this level holds, POL is likely to experience higher price levels, as resistance is expected to remain weak, he added.
Apart from POL whale activity, Polygon has seen a significant surge in on-chain activity, including an increase in daily active addresses, transaction volume, etc. These metrics are seen as strong indicators of growing market interest and participation and reinforce a bullish outlook for POL in the near term.
While most other altcoins have already rallied significantly, investors should pay close attention to Polygon price movements amid the current altcoin market rally.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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