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$POL ($POL) bulls continue to drive the token’s short-term rally that began on April 18, pushing the price higher and achieving double-digit percentage growth on the weekly timeframe.
At the time of writing, $POL (formerly MATIC) was valued at $0.214, up over 16% in the last seven days.
In the last 24 hours, the digital currency has increased by almost 9%. These returns have elevated $POL into the top ten gainers of the week. The asset has also seen an influx of buying pressure, pushing the market cap to $2.22 billion.
$POL’s technical outlook
However, the bulls’ strength is needed to offset $POL’s current dominant bearish sentiment, which could undermine the sustainability of this run.
To this end, the token is trading slightly above its 50-day simple moving average (SMA) of $0.212, showing modest short-term strength. However, it remains significantly below the 200-day SMA of $0.371187, indicating a persistent long-term downtrend.
Meanwhile, on April 22, crypto analyst RLinda noted that $POL is in a counter-trend rally within a broader downtrend, approaching a key liquidity zone ($0.228–$0.2438) that may act as resistance.
She warned of a potential false breakout, which could lead to a correction or reversal. The expert stressed that despite Bitcoin’s (BTC) local gains, the crypto market remains weak, with $POL’s movement seen as a liquidity grab before resuming the downtrend.
Key resistance levels to watch are $0.2284, $0.2438, and $0.2465, with support at $0.2061 and $0.1929.
$POL outshines Ethereum in $NFT sales
Meanwhile, $POL’s momentum appears to have been partly influenced by the non-fungible token ($NFT) sector’s activity. In this case, $POL’s $NFT market has surged, outpacing Ethereum (ETH) for the first time.
According to CryptoSlam data, $POL recorded $22.1 million in $NFT sales in the week ending April 22, edging out Ethereum’s $21.8 million. The network also led in buyer numbers, with 39,027 unique buyers, an 81.61% increase compared to Ethereum’s 36,544.
The surge was largely fueled by Courtyard, a real-world asset (RWA) project integrating NFTs, which generated $20 million in weekly sales, including $2.746 million on April 22 alone.
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