Polygon – Evaluating if POL prices can break $0.255 next
Main Idea
Polygon (POL) surged 10.75% amid rising demand and bullish indicators, but profit-taking threatens its uptrend, with potential to target $0.255 or retrace to $0.207.
Key Points
1. Polygon's price surged 10.75% to $0.2367, with market cap rising 9.63% to $2.48 billion, indicating increased capital inflow.
2. Buy demand recovered, with a positive Buy Sell Delta of 792.6K, reflecting aggressive spot accumulation.
3. Derivatives demand increased, with Open Interest (OI) up 13.22% to $118.76 million and Long Short Ratio at 1.04 (51% longs vs. 48% shorts).
4. Profit-taking poses a threat, as Spot Netflow turned positive ($602k), signaling potential selling pressure.
5. Technical indicators like RSI (59) and DMI (26) suggest bullish momentum, but failure to hold gains could lead to a retrace to $0.207.
Description
Polygon surges 10% after bouncing from its recent low of $0.19 reaching a local high of $0.23
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