Polygon (POL) continues its positive price trajectory, extending recent upside momentum. POL has gained nearly 1.48%, reflecting renewed buying interest.
On a broader scale, the token has posted a strong weekly performance, recording an impressive 14.85% surge amid improving market conditions and rising trader participation.
At the time of writing, POL is trading at $0.1065, supported by growing market activity. The 24-hour trading volume stands at $63.72 million, representing a 17.91% daily decline.
Meanwhile, market capitalization is valued at $1.12 billion, marking a 1.46% increase over the same period as momentum strengthens.
Source: CoinMarketCap
Also Read: Polygon (POL) Bounces From Support as Analysts Target $0.13–$0.52
Polygon (POL) Eyes $0.176 Resistance After Bounce
According to TradingView, the POL price is hovering near $0.106 after bouncing from the $0.087–$0.090 support zone, close to the lower Bollinger Band at $0.0869.
The middle band and 20 SMA sit around $0.1022, acting as short-term support. Immediate upside pressure targets the upper band near the $0.117–$0.1175 resistance zone.
The MA ribbon indicates that the 20 SMA is at 0.1022, the 50 SMA is at 0.1204, the 100 SMA is at 0.1243, and the 200 SMA is at 0.1765, indicating a bearish setup.
The current price is below the 50 SMA, the 100 SMA, and the 200 SMA, and thus any upside is strongly resisted. To support a bullish scenario, a close above 0.120 to 0.124 is required, with targets at 0.150 and 0.176.
Source: TradingView
Structurally, the bias is still bearish despite the recent bounce. A failure to hold above $0.117-$0.120 will likely see the price return to $0.090, with a risk of falling to $0.075 support.
A decisive break above $0.124 will turn the bias positive, with targets at $0.150 and the strong level at $0.170-$0.176.
Polygon Rising Activity Strengthens Altcoin Market
Historical on-chain data from Token Terminal, reveals that Polygon has been breaking the record of Ethereum in daily transaction fees, which is a very unusual trend for altcoins.
The fees on Polygon exceeded $300,000 yesterday, which is a sign of a growing number of users on the network.
Source: Token Terminal X Post
Charts indicate that Ethereum fees are still fluctuating, while Polygon is steadily increasing, even reversing the fee trend.
As a Layer Two scaling solution, Polygon ensures that transaction fees remain low, attracting more traffic. The increased traffic indicates more decentralized applications, liquidity, and trust in altcoins, which may define market structure globally in the coming quarters.
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