- Polygon whales have accumulated 140 million tokens worth $56 million.
- POL has surged by 17. 45% over the past month.
Over the fortnight, Polygon [POL] has experienced a strong upswing. Since hitting a low of $0.28, the altcoin has surged to hit a high of $0.47.
In fact, as of this writing, POL was trading at $0.4348. This marked a 2.89% increase on daily charts, with the altcoin gaining by 17.45% on monthly charts.
However, POL has seen a decline on weekly charts, dropping by 0.92%. Even though POL has witnessed a price pump, it remained 66.07% below its ATH of $1.29.
Therefore, these market conditions raise questions about the sustainability of the uptrend. Inasmuch, the popular crypto analyst Ali Martinez has posited that POL can make higher high, citing key support levels.
Polygon’s market sentiment
In his analysis, Martinez cited Polygon’s $0.375 and $0.386 supports, arguing that POL must hold these levels for a sustained rally.
Source: IntoTheBlock
According to him, these are the most important ranges and if they hold, POL will make higher highs since the resistance at these levels is insignificant.
In context, when we say resistance seems insignificant it means that at these levels, the prices are unlikely to encounter strong selling pressure.
Above these support levels, there’s weak resistance and sellers can’t dominate. Without selling pressure, POL could see a strong upsurge until it reaches a mark where it will encounter strong resistance.
What POL’s chart suggest
Since POL was trading above these levels at press time, it implied that the altcoin was safe from selling pressure in the short term.
