Polygon (POL) has experienced an 11% decline over the past 24 hours, bringing the price close to a key demand zone around $0.90.
Currently, this is considered the last major support level before facing the risk of a deeper decline if selling pressure continues.
Key Demand Zone Under Pressure
On the daily chart, the $0.90 price level previously served as a strong support. If buying interest re-emerges, it could trigger a technical rebound. However, repeated tests of this support level may weaken it over time.
At present, POL’s stochastic RSI indicator shows signs of decreasing selling pressure. At the same time, this important momentum indicator is approaching oversold territory, which is often seen as a potential signal for a rebound. Notably, the convergence between the price action nearing the demand zone and the momentum indicator further reinforces the significance of this area as a potential turning point.
Source: TradingView However, the risk of continued decline cannot be entirely ruled out. If selling pressure increases, breaking below the $0.90 level could lead to a deeper drop.
Exchange Reserves Show Signs of Stabilization
Data on exchange reserves indicate initial signs of stabilization, as the amount of POL sent to exchanges has slowed down.
Source: CryptoQuant Typically, a decrease in exchange reserves suggests that immediate selling pressure is easing. This somewhat improves the short-term outlook for price stability.
Mixed Signals from Polygon’s On-Chain Indicators
Interestingly, the number of addresses withdrawing funds from the Polygon network has decreased significantly during the same period.
This decline often reflects a reduction in short-term asset movement activity and indicates that investors are adopting a wait-and-see approach rather than engaging in portfolio rebalancing transactions.
Source: CryptoQuant However, the trend of inflows into exchanges has dropped sharply, raising some concerns. According to recent analysis from Coinphoton, the average amount of money flowing into Polygon exchanges has decreased substantially over the past 24 hours.
Source: CryptoQuant This creates mixed market sentiment signals: lower inflows could reduce immediate selling pressure, but also indicate weakening trading activity demand.
Near-Term Outlook for POL
Polygon is currently approaching a critical technical threshold.
If buying strength is sufficient to successfully defend the $0.90 zone and exchange reserves remain stable, a price rebound could occur. However, if selling pressure persists and breaks through this key support, the risk of a deeper decline remains.
Market reaction at the $0.90 demand zone will play a crucial role in determining POL’s short-term direction.
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