Polygon (POL) has shown a positive reaction at the psychological support zone around $0.10. This price level was first tested in early January and continued to be challenged last weekend before surging 15.25% on Monday, January 2nd.
Although this recovery movement signals short-term optimism, it is still not enough to reverse POL’s prolonged downtrend. Notably, the rally in January coincided with an important milestone when the network burned up to 3 million POL in a single day. The token burn activity remained strong throughout the month, with a total of 25.7 million POL removed from circulation — one of the largest monthly burn totals to date.
However, the overall market sentiment remains dominated by selling pressure on Bitcoin (BTC), which poses obstacles to Polygon’s prospects.
Is POL optimistic or pessimistic?
On the weekly timeframe since December 2024, POL’s trend still leans downward. However, on the daily chart, the price has not clearly confirmed an uptrend or downtrend and mainly fluctuates within the range of $0.10 to $0.18.
Source: TradingView The $0.0987 bottom has been tested twice over the past month and remains solid. The OBV indicator also does not form lower lows, indicating a relatively balanced force between buying and selling. The recent rebound coincided with Bitcoin’s rally to around $79,000, showing that POL’s price still heavily depends on BTC’s movements.
Assessing the potential of POL’s recovery
In the short term, the $0.1325 zone has been an important support, while the area around $0.13 currently acts as a supply zone that could trigger selling pressure. Therefore, POL may continue to rebound toward this area, but a strong breakout remains limited as Bitcoin has not decisively broken above the $79,400 resistance.
Source: TradingView For long-term investors, maintaining the $0.10 zone is a positive signal, but it is still too early to confirm a new uptrend. Short-term traders should watch the price reaction around $0.13: if rejected, this could be a selling point; conversely, if it breaks through and holds above this level, POL could target $0.186.
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