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In this ongoing market downturn, the Polygon ecosystem ($POL) has formed a strong bearish price action, suggesting that a massive price decline is on the way, as reported by a prominent crypto expert on X (formerly Twitter).
Polygon ($POL) Bold Prediction Amid Market Downturn
Today, January 30, 2025, while examining the current outlook, the expert noted that $POL is on the verge of a 44% price drop, potentially reaching the $0.23 level.
At present, $POL is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that it is in a downtrend. On the negative side, $POL’s Relative Strength Index (RSI) stands just above the oversold area, suggesting that the asset has enough room to continue its price drop in the future.
Investors Found Dumping $POL Tokens
Looking at the bearish price action and price prediction, investors and long-term holders have been seen dumping their tokens, as revealed by the on-chain analytics firm Coinglass. Data from the spot inflow/outflow shows that exchanges have witnessed an inflow of $2.56 million worth of $POL in the past 24 hours.
In the cryptocurrency landscape, inflow refers to the movement of assets from holders’ wallets to exchanges, which potentially signals dumping and sell-offs. However, it has the potential to create selling pressure and lead to further price decline.
Current Price Momentum
$POL is currently trading near $0.40 and has witnessed a price surge of over 2.75% in the past 24 hours. However, during the same period, its trading volume jumped by 15%, indicating lower participation from traders and investors compared to the previous day.