You’ve been busy and missed the recent Polygon News, yet with fundamentals for POL price (formerly MATIC) changing – don’t miss this.
Polygon holders are riding a wave of volatility as POL (previously known as MATIC) is one of the few tokens not to break significantly from Donald Trump’s US presidential win on Wednesday.
In a recent market shuffle, POL hit the floor at $0.285 leading up to the election, marking a new all-time low. This plunge coincides with Polygon’s bold metamorphosis from MATIC to POL, aligning itself with the grand AggLayer initiative.
A question now on investors’ minds is whether Polygon will be a loser price-wise this cycle or is it just getting started.
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Some of the problems that have plagued Polygon are that while the network has hosted some of the most popular apps, including Polymarket and EARNM, the world’s first mobile rewards currency, it hasn’t translated to price action for the POL token.
However, POL’s stunted price has also become an argument for why it could go parabolic before the year is over.
Polygon has Polymarket
Polygon is where Trump launched his NFTs
Every single Reddit Collectible Avatar is on Polygon
I don't think Polygon at 30 cents is going to last much longer if im being honest
Obviously not financial advice but the ticker is $POL
— Plax (@Plaxtico_) November 6, 2024
Polygon has had several new updates, including the AggLayer project, which is a cornerstone of its quest to beef up its multi-chain ecosystem. This venture seamlessly ties together network elements like the PoS chain, famed for its rapid-fire, low-cost transactions.
As they continue to improve, AggLayer’s promise to supercharge network efficiency and spark innovation looms large.
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POL Technical Analysis
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With the 20-day SMA hovering around $0.3417, Polygon’s price trajectory looks cautious as other assets rocket. Yet it edges above the 200-day line, suggesting a positive swing in the short term.
The 200-day SMA lingers at $0.3392, creating a bullish golden cross—a promising omen for those eyeing the medium-term horizon.
Bollinger Bands are subtly expanding, signaling that market volatility is high—which is no shock when you get a Trump presidency! Prices hover near the upper band, hinting at mounting buying pressure.
An upward breach could unleash further gains, but a failure might cause a slide back to the safe zone around $0.3417.
POL’s chart shows an ascending channel marked by rising peaks and troughs, a classic bullish setup. As long as this structure remains, the upward trend has legs, with resistance awaiting at the channel’s summit.
POL’s price might be hitting the skids, but zoom out, and you’ll see Polygon’s ecosystem painting a rosier picture. In the past year, its stablecoin market cap has surged from $1.17 billion to a hefty $2.08 billion, signaling solid faith in what Polygon can deliver.
Moreover, the total value locked (TVL) has climbed from $772.4 million to $1.06 billion. Despite POL’s slump, these figures shout that the network’s real-world use and uptake are alive and kicking, positioning it nicely for DeFi dominance.
Meanwhile, unique addresses have ballooned from 379 million to 470.9 million, underscoring ongoing user enthusiasm and network growth.
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Is Now the Time to Buy POL?
Polygon has the bulls on its side, flaunting a golden cross. The Bollinger Bands hint at upward potential, provided the buying pressure keeps near the upper range.
Additionally, MATICs are in an ascending channel and are poised to challenge higher resistance if they stick to this lane. The big question looms: is POL flying under the radar and undervalued? It seems so (not financial advice!), and the RSI agrees with these flashing oversold conditions.
If POL bounces back to its peak, the allure of hefty returns was staring you right in the face the entire time.
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