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Polygon (POL) Eyes Breakout as Volume Jumps 72%
Polygon (POL), the Ethereum scaling solution, looks set for a price breakout given its technical indicators. Notably, Ali Martinez, in an X post, highlighted a critical signal that suggests POL could surge amid a broader crypto market boom.
Polygon signals breakout of bearish pattern
According to Martinez, Polygon appears to have broken out of a descending triangle and is now targeting $0.69. Notably, a descending triangle is a bearish technical chart pattern that indicates a continuation of a downtrend in price action.
#Polygon $POL appears to have broken out of a descending triangle, targeting $0.69! pic.twitter.com/UmulLvfYBf
— Ali (@ali_charts) January 20, 2025
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Hence, POL’s ability to break off from this decline suggests that the price has moved above the critical resistance level caused by the descending bearish line. With this breakout, there is a high chance the asset's price could shift upward in a bullish pattern.
In response to this development, POL had hit a market high of $0.4921 in earlier trading. However, the coin has pared off earlier accrued gains and nowtrades at $0.4607, a 3.67% decline in the last 24 hours.
However, trading volume has increased by 72% to $417.57 million within the same time frame.
This increased market activity hints at renewed interest from market participants. Investors backing Polygon might have decided to position themselves ahead of the anticipated price rally for profit-taking.
Community anticipates Polygon AggLayer
Market analysts predict Polygon could explode in price action, with Ali Martinez projecting $0.69. However, others project it could test the $1 level, even if it did not flip its all-time high (ATH) of $1.29, attained in March 2024.
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Meanwhile, another network development that could support a positive price surge is the AggLayer connectivity protocol. If nothing upsets the schedule, the Agglayer will debut on the mainnet, possibly in the first quarter of 2025.
Sandeep Nailwal, the Polygon cofounder,hinted at this development in a post he shared with the community. The blockchain activated its testnet v0.2 a month ago.
Polygon signals breakout of bearish pattern
According to Martinez, Polygon appears to have broken out of a descending triangle and is now targeting $0.69. Notably, a descending triangle is a bearish technical chart pattern that indicates a continuation of a downtrend in price action.
#Polygon $POL appears to have broken out of a descending triangle, targeting $0.69! pic.twitter.com/UmulLvfYBf
— Ali (@ali_charts) January 20, 2025
card
Hence, POL’s ability to break off from this decline suggests that the price has moved above the critical resistance level caused by the descending bearish line. With this breakout, there is a high chance the asset's price could shift upward in a bullish pattern.
In response to this development, POL had hit a market high of $0.4921 in earlier trading. However, the coin has pared off earlier accrued gains and nowtrades at $0.4607, a 3.67% decline in the last 24 hours.
However, trading volume has increased by 72% to $417.57 million within the same time frame.
This increased market activity hints at renewed interest from market participants. Investors backing Polygon might have decided to position themselves ahead of the anticipated price rally for profit-taking.
Community anticipates Polygon AggLayer
Market analysts predict Polygon could explode in price action, with Ali Martinez projecting $0.69. However, others project it could test the $1 level, even if it did not flip its all-time high (ATH) of $1.29, attained in March 2024.
card
Meanwhile, another network development that could support a positive price surge is the AggLayer connectivity protocol. If nothing upsets the schedule, the Agglayer will debut on the mainnet, possibly in the first quarter of 2025.
Sandeep Nailwal, the Polygon cofounder,hinted at this development in a post he shared with the community. The blockchain activated its testnet v0.2 a month ago.
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