The post POL Drops to New Lows Despite Polygon’s TVL Growth appeared on BitcoinEthereumNews.com.

Polygon – POL – is bleeding with price now at the RSI oversold level of 30. Despite the gloom, the protocol has maintained its innovation, suggesting a potential rally ahead. The price of POL (formerly MATIC), the native digital asset of the Polygon network, recently dropped to new historical lows. This movement comes despite growth in its Total Value Locked (TVL). This mixed sentiment has raised questions about the right time to invest in POL. Analyzing POL’s Current Trend During Monday’s trading session, POL’s price dropped to as low as $0.285, the lowest recorded value since the token’s existence. POL’s new historic lows come when most of the top cryptocurrencies strive to reclaim prior highs or establish new ones. At the moment, the token is down 1.09% in the past week to $0.3289, aided by the ongoing rally in the market. The Relative Strength Index (RSI) indicated that POL’s new record low reached the oversold line below 30. This means POL could see a rebound in its price soon. However, investors should look for metrics besides price performance to determine POL’s next action.  POL’s continuous downside suggests it is one of the least attractive cryptocurrencies this year,  which explains the lack of demand. Still, a closer examination of the Polygon ecosystem performance may provide some promise for POL holders. While POL has mostly traded in the red in the last few weeks, the Polygon network grew in other areas. For instance, Polygon’s TVL achieved a net positive growth from $772.4 million in November 2023 to $1.237 billion 12 months later. This suggests the network’s readiness for Decentralized Finance (DeFi) usage. Polygon’s stablecoin market cap also increased from $1.17 billion to $2.08 billion within the same period. Meanwhile, the number of transactions recorded on the blockchain dropped sharply this year. The…

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Filed under: News - @ November 7, 2024 3:22 am