The post POL’s Potential Rally at $0.50: Key Support Needed to Avoid Further Decline appeared on BitcoinEthereumNews.com.

The recent performance of Polygon (POL) highlights a critical juncture as the token attempts to reclaim the $0.50 mark, pivotal for market momentum. On-chain analysis indicates significant accumulation between $0.364 and $0.509, underscoring the importance of these price levels in the current trading environment. According to insights from COINOTAG, “The overarching sentiment hinges on whether POL can establish $0.50 as robust support to avert another sell-off.” An analysis of Polygon’s recent trading indicates key price levels that could dictate future movements. Investors are closely watching the $0.50 resistance. The Importance of Reclaiming $0.50 for POL’s Future Direction The ongoing struggle for Polygon (POL) to establish the $0.50 price level as a reliable support zone is significant for its future price trajectory. With POL currently trading at around $0.330, it is critical for the asset to rally beyond the accumulation range of $0.364 to $0.509. This range reflects a substantial volume of tokens previously held, signaling where market sentiment may shift. As POL navigates its current trading range, a move above $0.50 could bolster investor confidence, potentially leading to positive price action. Historical data shows that when large volumes are accumulated at specific price points, they often become essential resistance or support in subsequent trading patterns. Market Sentiment and Potential Price Patterns Evaluating recent market sentiment indicates that POL’s price action could follow established patterns evident in past trading behavior. Observations show that after significant accumulation, prices typically experience a rally if demand strengthens. Buyers entering at these critical spots may create a sense of urgency among traders to establish long positions, particularly if momentum builds above the $0.50 threshold. Source: IntoTheBlock However, should POL fail to maintain this level, the risk of a sell-off increases significantly as investors may rush to minimize losses. This scenario could prompt a downward spiral…

---

Filed under: News - @ February 5, 2025 6:11 am