- POL rebounds from falling wedge with growing accumulation at $0.092
- Polygon PoS stablecoin supply hits $3.57B, supporting network activity
- Successful breakout above wedge resistance may signal bullish momentum
POL is showing early signs of recovery as it rebounds from falling wedge support. Rising stablecoin inflows on the Polygon PoS network are fueling accumulation, signaling potential upside. Traders now watch key resistance levels, with a breakout likely to trigger momentum for POL in the coming sessions.
POL Rebounds From Falling Wedge Support With Increased Accumulation
POL, the native token for the Polygon ecosystem, is attempting a rebound from the lower border of a falling wedge pattern. Analyst Butterfly notes accumulation is rising sharply at this support level. Trading data shows POL up 2% ahead of U.S. market hours, indicating growing buying interest and potential for bullish momentum.
The 2-day chart highlights compression within converging trendlines, a technical pattern often preceding upward breakouts. Butterfly stated, “When the reversal starts, $POL is ready to BURST toward much higher levels.” Traders are closely monitoring for a confirmed breakout above the wedge resistance, which could trigger further gains.
Stablecoin Growth on Polygon PoS Supports POL Demand
The Polygon Proof-of-Stake network has seen stablecoin supply reach $3.57 billion, surpassing the previous 2021 high of $3.1 billion. According to Leon Waidmann, Head of Research at Lisk, this steady growth reflects real capital inflows and network utility.
Rising stablecoin deposits enhance transaction volume on Polygon, creating stronger demand for POL as gas fees are paid with the token. Part of these fees is burned, potentially reducing overall supply and supporting price appreciation.
POL’s price is currently testing the wedge’s upper trendline and the 20-day EMA. A successful breakout may indicate a market shift. Conversely, failure to hold the lower boundary could trigger renewed downside pressure, with support levels at $0.0835 and $0.075 closely watched by traders.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
