The post 93% of POL holders face losses: Should you be worried? appeared on BitcoinEthereumNews.com.

Whale sell-off and weak support levels increase POL’s bearish momentum despite bullish network partnerships. Declining network activity and fading retail interest suggest POL may struggle to regain upside momentum. Polygon [POL] faces strong selling pressure as a whale offloads 5.64M POL worth $2.28M to Coinbase, taking a $1.32M loss. The whale accumulated these tokens for $3.6M over the past two months, suggesting a shift in sentiment.  Additionally, this move adds uncertainty to POL’s price action, which has struggled to hold key support levels. Therefore, with bearish momentum growing, can buyers step in to regain control? POL price action: Will support hold or break further? At press time, POL trades at $0.411, showing a 3.13% increase in the past 24 hours. However, the price has broken below a critical demand zone at $0.45, signaling continued bearish pressure.  Additionally, the descending wedge pattern suggests that further downside is possible unless buyers reclaim higher levels. Therefore, if POL fails to hold above $0.40, a deeper correction could follow. Source: TradingView In/Out of the money: Are holders facing more losses? On-chain data reveals that 93.51% of POL holders remain out of the money, meaning they purchased at higher prices. Additionally, only 4.58% of addresses are in profit, highlighting weak investor confidence.  With heavy resistance at $0.43 – $0.45, bulls must break through this range to shift momentum. However, failure to do so could lead to more selling pressure and deeper losses. Source: IntoTheBlock Address stats: Is network activity declining? The number of new addresses has fallen 58.67%, while active addresses dropped 44.34% over the past week. This significant decline suggests weakening user engagement, which is often bearish for price action. Additionally, lower participation could mean reduced demand for POL, making recovery harder. Therefore, if network activity does not rebound, POL could struggle to gain…

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Filed under: News - @ January 29, 2025 2:19 am