Polygon’s POL Token Drops 6% Following U.S. Inflation Report
Polygon's POL token declined 6% on Thursday, breaking through key support levels amid rising U.S. inflation data.
Key points:
- POL fluctuated within a 10% range, moving from $0.25 to $0.26 before dropping sharply.
- Selloff pushed the token down to $0.24, with trading volume reaching 1.1 million units, over triple the 24-hour average.
- The $0.26 level is now a significant resistance after high-volume rejection.
- The decline coincided with a U.S. producer price index (PPI) report showing a 0.9% month-over-month increase in July, impacting expectations for Federal Reserve rate cuts.
- The CoinDesk 20 Index fell 4%, reflecting broader market profit-taking.
- Current trading near $0.24 indicates further downside risk according to momentum indicators.