$POL breaks out of 5-month downtrend, is a major rally brewing?

On April 26, $POL marked its fifth day of gains, breaking a prolonged downtrend as ecosystem momentum and NFT demand picked up.

According to crypto.news, Polygon’s native token, $POL (formerly MATIC), surged nearly 20% to an intraday high of $0.26, pushing weekly gains to 34% and marking a 70% rebound from its monthly lows. Its market cap has once again crossed the $2 billion mark, standing at around $2.15 billion at the time of writing.

A sharp rise in trading activity backed this rally. POL’s 24-hour volume also shot up 270% to over $340 million, signaling increased buying pressure. Meanwhile, interest from derivative traders is also on the rise, with open interest in POL futures climbing 25% to $107 million in the last day alone.