Will Polygon Whales Lead POL Price Above $0.60?
Polygon whales have accumulated another $65 million worth of tokens in the past seven days, while the price of the POL token has increased by 12% in the past 30 days. The surge has reignited optimism about altcoins, formerly known as altcoins. Matikwhich may make up for some recent losses.
However, some investors remain cautious, speculating that current buying pressure may not be enough to sustain the momentum. The following is an in-depth analysis of the specific situation.
Polygon stakeholders increase holdings of 113 million tokens
On November 11, address holdings were between 10 million and 100 million POL tokens in wallet Collectively, there are 695.38 million tokens. Today, that number has soared to 852.14 million, indicating Polygonal whales accumulated Over 113 million tokens in the past 7 days.
At current altcoin prices, this accumulation is worth approximately $65 million. Typically, when crypto whales buy, it’s a sign that the cryptocurrency’s value may be rising. This also encourages retail investors to increase their holdings, putting greater upward pressure on prices.
Instead, when crypto whales sell, it usually Indicates bearish sentimentindicating that the token’s value may be struggling to gain momentum. However, the recent accumulation of whales is a bullish indicator for the POL token. If this trend continues, the coin’s price may climb above $0.42 in the short term.
Furthermore, increased whale accumulation is consistent with increasing bullish dominance, as highlighted by IntoTheBlock’s bull and bear indicators. This indicator tracks the activity of investors who are buying (long) at least 1% of total trading volume those who sold (Bear) A similar amount.
When the number of shorts exceeds the number of longs, it usually signals a potential price decline. However, for the Polygon ecosystem token, bulls currently outnumber bears, indicating a greater likelihood of a short-term price increase for the altcoin.
POL Price Prediction: Pattern Turns Bullish
Looking at the 4-hour time frame, the POL/USD chart has formed an inverse head and shoulders pattern. The Inverse Head and Shoulders pattern is a technical pattern that indicates a possible reversal from a downtrend to an uptrend.
The first trough marks the initial stage of a downtrend. The deepest trough is below the left and right shoulders, while the third and final trough depth reflects the left shoulder but is above the head.
Considering the current prospects, POL prices may rise It will rise to $0.45 in the short term. If Polygon whales continue their heavy buying, the price of this altcoin could climb to $0.60.
However, this prediction may become invalid if these crypto whales decide to sell some of their assets. In that case, Polygon Token Price May Fall to $0.38.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
