• POL has made a basic recovery over the past 24 hours, hiking by 1.22%.
• Polygon whales have started accumulating the dip with large holders’ inflow surging by 3624.46%.

Since hitting $0.76 in December 2024, Polygon [POL] has traded on a descending channel, making lower highs and lower lows.

Over this period, POL has declined to a low of $0.38. This marked a 10.42% decline over the past month.

This sustained downtrend has left analysts talking. Inasmuch, popular crypto analyst Ali Martinez has suggested a potential correction.

In his analysis, Martinez noted that POL could be on the verge of a 44% correction to $0.23. Such a correction will result in the Polygon hitting a 3 months low.

According to him, a breakdown from the descending pattern will confirm the continuation of the bearish structure.

What POL charts suggest

Although Polygon is currently facing strong downward pressure, the altcoin is signaling a short-term recovery.

In fact, as of this writing, Polygon was trading at $0.4053. This marked a 1.22% recovery on daily charts.

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Author: Gladys Makena

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