Polygon’s POL Token Remains Steady at $0.31 Amid 24% Weekly Drop
Polygon’s POL token is priced at approximately $0.31, with no significant change in the last 24 hours but a 24% decline over the past week, raising concerns among investors. Crypto analyst Ali Martinez emphasizes regaining control of key price zones for market recovery.
- On-chain data shows accumulation between $0.364 and $0.509, which is critical for support.
- The Relative Strength Index (RSI) for POL is near 26, indicating an oversold condition.
- Current price action near the lower Bollinger Band supports the oversold status.
- If POL breaks above $0.33 and maintains it as support, volatility could increase towards the upper band.
- The On-Balance Volume (OBV) is at 725.27 million, suggesting moderate buying interest despite recent declines.
- 24-hour trading volume stands at $232 million, down by 50%.
- Resistance levels are identified around $0.387 and $0.517, with a Fibonacci target of $0.75 if reclaimed.
- Since its rebranding from MATIC to POL in September 2022, the token reached a previous peak of $0.76 in December 2024.
- Currently ranked 42nd by market cap at $2.69 billion.
- Analysts suggest sideways movement in February, with potential for a bull run in March if $0.31 and $0.33 levels hold.
Photo: TradingView
Photo: TradingView