The cryptocurrency Polygon (POL) has rebounded in recent days, approaching the highest level since March 9. The price reached $0.2460, representing a 24% increase from this year's low, although it is still a significant distance away – as much as 70% – from the peaks of November 2024. The recovery of POL is part of a broader rebound trend in the market. Bitcoin, Solana, and Binance Coin have also gained in recent days, improving overall sentiment.
The cryptocurrency Polygon is experiencing a noticeable increase in activity.
The price increase goes hand in hand with greater network activity. According to Nansen, the number of active addresses rose by 13% over the week, reaching 2.34 million. At the same time, the transaction volume on the Polygon chain jumped to 20.7 million. Meanwhile, DeFi Llama indicates that the decentralized finance ecosystem on Polygon has stabilized. The total value locked (TVL) increased by 5.7% over the week to $719 million. The TVL value on the bridge side also rose – to over $4.64 billion – and the number of stablecoins in circulation exceeded 2 billion. The largest contribution to the TVL increase came from Quickswap, whose value of assets surged by 577% over the week, reaching $103.8 million. Other protocols, such as Morpho Blue, Aura, and KlimaDAO, also recorded inflows.
Polygon remains overshadowed by competition from Base and Arbitrum.
Despite signs of recovery, Polygon faces challenges ahead. The TVL remains significantly below the record level of $10 billion. Furthermore, other layer two networks – such as Base and Arbitrum – have surpassed Polygon in terms of TVL, NFT volume, and trading on decentralized exchanges. In comparison, in the last 30 days, Polygon-based DeX networks processed about $3 billion. Meanwhile, Arbitrum reached $23 billion, and Base – $21 billion.
POL exits the wedge formation.
An analysis of the daily chart indicates possible continuation of the increases. The price of POL formed a classic pattern of a descending bullish wedge, which it has just broken. The RSI and MACD indicators show a clear bullish divergence – that is, a moment when the price is falling, but technical indicators begin to rise. The closest target for buyers may be the level of $0.2854 – a local low from November 4. However, a drop below $0.1901 would negate the current bullish scenario. Polygon is not yet returning to its peaks, but the fundamentals and technicals suggest that it may surprise the market again.
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