The price of Polygon (POL) remains in the spotlight as a number of indicators suggest possible growth. Recent market characteristics might indicate significant changes in the near future.
Indicators Suggest Growing Purchases
The Chaikin Money Flow (CMF) indicator for Polygon has reached +0.17, marking the highest value in over a month. This suggests strong buying pressure on the asset. The last time CMF showed a similar level, Polygon's price saw a considerable rise. The increase in CMF indicates sustained interest from both large and small traders.
Investor Outflow Data
In August, active outflows of Polygon from exchanges point to investor confidence. When traders remove tokens from exchanges to wallets, it often indicates an intention to hold the asset in anticipation of growth. These outflows are occurring alongside a rising CMF, strengthening the case for accumulation by larger players.
Price Structure of Polygon and Future Targets
The current price of POL stands at $0.25, positioned above a key Fibonacci zone and completing a W-bottom pattern. If the breakout is confirmed, the first target will be $0.3425, corresponding to a 36% increase. If buying support continues, the price may reach $0.4842, indicating a potential 92% rise.
Thus, a range of analytical indicators and current data on investor behavior suggest that Polygon may be on the brink of significant growth. Traders will focus on further price fluctuations and the confirmation of these forecasts.
