Polygon (POL) Surges 25% Weekly as Network Usage and Revenue Soar
- Surge in Network Usage: Polygon's price has increased approximately 25% over the past week, with daily trading volume rising by about 35%, indicating a significant uptick in network usage and demand, which solidifies its market position.
- Significant Revenue Growth: Polygon has ascended to become one of the top three on-chain revenue generators, surpassing both SUI and Redbelly, with an increase in stablecoins directly driving up transaction fees, reflecting a healthy ecosystem.
- Supply Reduction Strategy: Polygon is burning approximately 1 million POL tokens daily, which could lead to a 3.5% annual reduction in total supply, a strategy that will lower market sell pressure and enhance liquidity, boosting investor confidence.
- Record High Transaction Volume: Recently, Polygon processed over 3 million transactions in a single day, demonstrating actual network usage, and with increased gas limits and adjustments to EIP-1559, it is expected to further enhance throughput and application capabilities.
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Technical Analysis for POL
Technical Sentiment Analysis for POL (ex-MATIC) (POL) As of , POL (ex-MATIC) (POL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for POL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, POL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
POL (ex-MATIC) (POL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0502 | 0.067 | 0.0852 | 0.102 | 0.12 | 0.137 | 0.155 |
| Fibonacci | 0.067 | 0.0804 | 0.0887 | 0.102 | 0.115 | 0.124 | 0.137 |
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