The post Polygon Approaches $100 Billion Volume Milestone Amid Mixed Signals of Potential Consolidation or Rebound appeared on BitcoinEthereumNews.com.

Polygon [POL] is on the verge of a major milestone as it approaches $100 billion in trading volume, reflecting its increasing significance in the crypto ecosystem. Despite the impressive trading figures, key metrics suggest a potential consolidation phase, raising questions about the sustainability of its recent growth. According to CryptoQuant, “A decrease in exchange reserves implies less selling pressure, hinting at a more stable market environment for POL.” Polygon approaches a $100 billion volume milestone amid mixed market signals, raising concerns over activity slowdown and future price stability. Key support levels and potential for a rebound At press time, POL was trading at $0.2422, reflecting a modest 0.46% increase over the last 24 hours. The price recently broke below a key support level and is currently consolidating within a descending symmetrical triangle. The $0.2294 support zone is crucial to watch. If it holds, a rebound towards the $0.3051 resistance level is plausible. Furthermore, the Relative Strength Index (RSI) sat at 34.33, indicating that the asset is in the oversold zone, suggesting a potential reversal may be on the horizon. However, if the price continues below this support, it could face further declines. Source: TradingView Declining activity raises concerns Polygon’s address statistics revealed a concerning downward trend in network activity. New addresses have fallen by 13.43%, and active addresses have decreased by 8.74% over the past week. Although the network still sees activity during periods of market volatility, the overall trend indicates a reduction in engagement. This decrease in both new and active addresses signals a potential slowdown in adoption. Source: IntoTheBlock POL transaction stats analysis: A downturn Polygon’s transaction statistics indicated a slowdown in on-chain activity. The volume of transactions in the $0.00 to $1.00 range has dropped by 12.63%, while transactions within the $1.00-$10.00 range have decreased by 31.33%.…

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Filed under: News - @ March 9, 2025 10:18 pm