Over the last 24 hours, the Polygon token ($POL ) has fallen to a minimum of $0.1732, reflecting a broader sell-off of altcoins. The cryptocurrency is currently trading more than 77% lower compared to its peak in December 2023.

The share of the Polygon network is also declining amid the rise of competitors such as Base and Arbitrum. For instance, over the past 30 days, decentralized exchanges on Polygon processed transactions totaling $3.82 billion. In comparison, during the same period, Base handled operations worth over $29 billion, while the Arbitrum network processed $18.9 billion. Newer layer-one networks, such as Hyperliquid and Sui, have also surpassed Polygon in DEX volume.

However, there are positive aspects for Polygon. Over the past 30 days, the supply of stablecoins on the network has increased by 10%, reaching $2.3 billion. During the same period, the number of transactions with stablecoins on Polygon rose by 44% to $81.1 million.

Technical indicators also instill optimism regarding the future of the POL altcoin.

The daily chart shows that in April 2025, the POL price reached a minimum of $0.1500, and on May 11, it rose to a maximum of $0.2754. Since then, the price of the altcoin has decreased and fallen below the 50-day moving average.$HIFI $SEI

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