{"id":5648,"date":"2025-07-24T10:09:26","date_gmt":"2025-07-24T10:09:26","guid":{"rendered":"https:\/\/bitunikey.com\/news\/polygon-is-down-today-but-charts-say-pol-is-gearing-up-for-a-rally\/"},"modified":"2025-07-24T10:09:28","modified_gmt":"2025-07-24T10:09:28","slug":"polygon-is-down-today-but-charts-say-pol-is-gearing-up-for-a-rally","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/polygon-is-down-today-but-charts-say-pol-is-gearing-up-for-a-rally\/","title":{"rendered":"Polygon is down today, but charts say POL is gearing up for a rally"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Polygon has dropped nearly 10% over the past 24 hours, extending its downtrend for a third straight day. However, a bullish reversal pattern has emerged on the daily chart, indicating a potential rebound soon.<\/p>\n<div id=\"cn-block-summary-block_86087ab61e6998a29148c2094f1a1588\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Polygon\u2019s POL token is down 9.5% in 24 hours, trading at $0.225 with a market cap of $2 billion.<\/li>\n<li>Whale holdings of POL rose 33% in 30 days as exchange balances dropped 4.5%.<\/li>\n<li>A double-bottom pattern and golden cross have formed on the daily chart.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, POL (POL) was trading at $0.225, down 9.5% over the past 24 hours, with a market cap of $2 billion as of Thursday, July 24. This marks a 13.46% decline from its July high, likely driven by profit-taking from investors following the token\u2019s rally alongside Bitcoin and Ethereum in recent weeks.<\/p>\n<p>While the token of the Layer-2 scaling solution remains 56% below its year-to-date high, recent developments across the Polygon ecosystem suggest the network is regaining visibility and could benefit from renewed investor interest.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Fresh developments could revive investor interest\u00a0<\/h2>\n<p>First, the Polygon team has recently <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/0xPolygon\/status\/1948235168625369314\" target=\"_blank\">announced<\/a> it has become the blockchain infrastructure behind BeToken, Spain\u2019s first fully EU-regulated, on-chain security token offering, marking a major step for real-world asset tokenization in Europe.<\/p>\n<p>If the model sees broader adoption across the EU, it is likely to increase the volume of tokenized securities, stablecoin activity, and on-chain settlements on the Polygon network, thereby strengthening long-term demand for the POL token.<\/p>\n<p>Second, sentiment around Polygon could also improve as Polymarket, the popular on-chain predictions market built on its network, is set to <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/0xPolygon\/status\/1948110733159407769\" target=\"_blank\">return to the U.S.<\/a> after acquiring a CFTC-licensed derivatives exchange. The move comes after regulators closed an investigation that had forced the platform to block U.S. users since 2022.<\/p>\n<p>With Polymarket transitioning from a regulatory gray area into full compliance, Polygon stands to benefit from increased transaction volume, user engagement, and greater visibility in the U.S. market.<\/p>\n<h2 class=\"wp-block-heading\">On-chain metrics are bullish<\/h2>\n<p>On-chain metrics also present a positive outlook for Polygon. According to DeFiLlama <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/defillama.com\/chain\/polygon?stablecoinsMcap=false\" target=\"_blank\">data<\/a>, the total market cap of stablecoins on the network has risen by 8%, reaching $2.9 billion as of press time.<\/p>\n<p>Stablecoins form the backbone of most DeFi activity, and this increase suggests growing user demand and liquidity across the Polygon ecosystem, which could support a broader recovery for the POL token.<\/p>\n<p>Whales have taken an interest in the token lately, with Nansen data indicating that the total balance of POL held by whale wallets has risen to 1.56 million tokens, a 33% increase over the past 30 days. At the same time, the total POL balance on exchanges has dropped by 4.5% to 1.23 billion tokens.<\/p>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" class=\"wp-image-14399447\"><source type=\"image\/webp\" ><\/source><\/p>\n<\/picture><figcaption class=\"wp-element-caption\">Whales have increased their holdings over the past month while balances on exchanges have fallen | Source: <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/app.nansen.ai\/token-god-mode?tokenAddress=0x455e53cbb86018ac2b8092fdcd39d8444affc3f6&amp;chain=ethereum&amp;tab=whales\" target=\"_blank\">Nansen<\/a><\/figcaption><\/figure>\n<p>With whale accumulation rising and fewer tokens on exchanges, selling pressure may ease, setting the stage for an upside run.<\/p>\n<h2 class=\"wp-block-heading\">POL price forms a double-bottom<\/h2>\n<p>On the daily chart, POL appears to be forming a textbook double-bottom pattern, typically regarded as a bullish reversal signal that forms after a prolonged downtrend. The neckline of the pattern is located at $0.2768, while the two bottoms are anchored near the $0.1637 level.<\/p>\n<figure class=\"wp-block-image size-full\"><picture loading=\"lazy\" decoding=\"async\" class=\"wp-image-14399448\"><source type=\"image\/webp\" ><\/source><br \/>\n<img loading=\"lazy\" decoding=\"async\" width=\"1827\" height=\"863\" src=\"https:\/\/bitunikey.com\/news\/wp-content\/uploads\/2025\/07\/1753351766_658_Polygon-is-down-today-but-charts-say-POL-is-gearing.png\" alt=\"POL price, 20-day and 50-day SMA chart\">\n<\/picture><figcaption class=\"wp-element-caption\">POL price, 20-day and 50-day SMA chart \u2014 July 24 | Source: crypto.news<\/figcaption><\/figure>\n<p>In addition, a golden cross has formed, with the 20-day simple moving average crossing above the 50-day moving average, an indication that short-term momentum may be shifting in favor of the bulls.<\/p>\n<p>If bullish momentum persists, a breakout above the neckline resistance at $0.2768 could confirm the pattern and open the door for further upside.<\/p>\n<p>Based on the pattern\u2019s depth of approximately 40.6%, the projected price target stands at $0.393, implying a potential upside of around 78% from current levels. However, a decisive break below the key support at $0.20 would negate this setup and invalidate the bullish outlook.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Polygon has dropped nearly 10% over the past 24 hours, extending its downtrend for a third straight day. However, a bullish reversal pattern has emerged on the daily chart, indicating&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/5648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=5648"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/5648\/revisions"}],"predecessor-version":[{"id":5649,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/5648\/revisions\/5649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/2237"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=5648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=5648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=5648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}