Polygon's token (POL) shows stable positions above the key support zone, while analysts point to potential levels for growth.
POL Holds Above Key Support
The token POL is trading just above a key support area between $0.19 and $0.21. This range has acted as a base in recent months, with prices repeatedly bouncing from it. At the time of writing, POL was priced at $0.2177, experiencing a 5% decline in the past 24 hours and over 11% for the week. Analyst Crypto Patel noted that this zone remains an area of interest for trading. A retest of this base may present a buying opportunity if the price stays above $0.15 on higher time frames.
Mixed Sentiment Across Market Channels
Public sentiment around POL remains split. According to Market Prophit, the crowd remains bullish, while internal models reflect a more cautious stance. This contrast signals a divide between trader expectations and modeled forecasts. Despite the recent drop, trading activity remains steady, with a volume of $97.8 million over the last 24 hours. Traders are keeping a close eye on the $0.28 level to confirm the next direction.
Polygon zkEVM Faces Declining Activity
As CryptoPotato reported, Polygon’s zkEVM chain, developed from the Hermez acquisition in 2021, has seen a decline in both usage and development. Researcher Lorenz Lehmann noted that the chain has not adopted Ethereum’s Blob upgrade and is running at an annual loss of over $1 million. Meanwhile, Total Value Locked (TVL) peaked at $187 million in early 2024 but has now fallen below $20 million, according to L2Beat data. Leadership at Polygon has also changed, with Sandeep Nailwal now leading the foundation as CEO following the quiet exit of multiple co-founders over the past two years.
The analysis of the current market situation for the POL token indicates a possible new upward trend as key levels are maintained, while also raising questions about the future of Polygon's technical solutions.
