Polygon (POL) token shows an increase, marked by an 8% rise today, leading to its price reaching about $0.21—the highest level this month.
Analysis of Current Trends for POL Token
Analyst 'World of Charts' commented on the situation around POL, noting that the token has been trapped in a downward channel since November 2024. This bearish pattern exhibited a clear trend of lower highs and lower lows. Recent price action shows that POL has broken above the midline of this channel, signaling potential bullish momentum.
Key Support and Resistance Levels
The $0.20-$0.21 area has proven to be a stubborn resistance zone, with the price attempting to break through multiple times but facing rejection. This testing has established it as a critical price level. Successful breakout above this horizontal zone could trigger significant upward movement.
Forecasts and Expectations for Price Movement
The analyst projects that after a potential short-term pullback to retest the $0.20 zone, POL could continue its upward movement toward $0.25. If bullish momentum is sustained, the analyst sees a pathway for POL to extend its rally toward $0.35 in the coming days.
The situation for POL token indicates signs of a potential bullish reversal after months of decline. The break from the descending channel and the current test of horizontal resistance appear to set up opportunities for upward movement if the current momentum continues.
