Polygon (POL) Jumps 12%: Resistance at $0.28, Support at $0.247
Polygon’s (POL) price defended the $0.23 support level and surged 12.7% to a three-month high of $0.2736, driven by a 34% rise in trading volume to $315.7 million and a market cap of $2.8 billion. On-chain metrics strengthened as active addresses climbed 25% to 665 000 and daily transactions rose 7.9% to 4 million. The recent upgrade to the USDT0 standard and growing use of XSGD in Singapore (monthly flows of $66 m–$94 m) bolstered network demand. Buyer accumulation dominated, with a buy–sell delta of 16.1 million POL tokens, though profit-taking pressure increased, pushing the on-chain profit/loss ratio to 3.24 and net spot inflows to $929 000. Momentum indicators remain bullish (RSI 61; +DI 24 vs –DI 20). Key levels to watch are $0.28 resistance and $0.247 support. Traders should monitor profit-taking signals and netflows for potential pullbacks.
Bullish
The 12.7% rally in POL price, backed by a 25% surge in active addresses and a 7.9% rise in daily transactions, signals renewed network demand. Upgrades to the USDT0 standard and increased XSGD flows underscore growing use cases. Buyer accumulation outpaced sell-offs (16.1 million token delta), while bullish momentum indicators (RSI 61; +DI 24 vs –DI 20) point to sustained upside potential. Historical patterns show that on-chain upgrades and spikes in user activity often precede extended bull runs for layer-2 tokens. Although profit-taking and reduced net inflows warrant caution, clearing $0.28 resistance could propel POL toward $0.30. Short-term traders may look for entries on dips above the $0.247 support, while long-term holders can view current consolidation as a continuation setup in a broad bullish trend.