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Polygon (POL), the Ethereum scaling solution, looks set for a price breakout given its technical indicators. Notably, Ali Martinez, in an X post, highlighted a critical signal that suggests POL could surge amid a broader crypto market boom.
Polygon signals breakout of bearish pattern
According to Martinez, Polygon appears to have broken out of a descending triangle and is now targeting $0.69. Notably, a descending triangle is a bearish technical chart pattern that indicates a continuation of a downtrend in price action.
Vladislav SopovHence, POL’s ability to break off from this decline suggests that the price has moved above the critical resistance level caused by the descending bearish line. With this breakout, there is a high chance the asset's price could shift upward in a bullish pattern.
In response to this development, POL had hit a market high of $0.4921 in earlier trading. However, the coin has pared off earlier accrued gains and now trades at $0.4607, a 3.67% decline in the last 24 hours.
However, trading volume has increased by 72% to $417.57 million within the same time frame.
This increased market activity hints at renewed interest from market participants. Investors backing Polygon might have decided to position themselves ahead of the anticipated price rally for profit-taking.
Community anticipates Polygon AggLayer
Market analysts predict Polygon could explode in price action, with Ali Martinez projecting $0.69. However, others project it could test the $1 level, even if it did not flip its all-time high (ATH) of $1.29, attained in March 2024.
Gamza KhanzadaevMeanwhile, another network development that could support a positive price surge is the AggLayer connectivity protocol. If nothing upsets the schedule, the Agglayer will debut on the mainnet, possibly in the first quarter of 2025.
Sandeep Nailwal, the Polygon cofounder, hinted at this development in a post he shared with the community. The blockchain activated its testnet v0.2 a month ago.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov