Polygon Price Eyes Breakout as Network Activity Rises

Polygon Price Eyes Breakout as Network Activity Rises

Polygon has shown bullish reversal signals in its price, with transactions up 90 percent and active addresses up 30 percent in the past month thanks to great partnerships.

The Polygon token is currently trading at a price of 0.1030, which is 85 percent lower compared to its November 2024 peak; the network statistics say otherwise.

Polygon is ranked as the second fastest growing blockchain according to Nansen data from the past 30 days. The number of transactions jumped 90 percent to 172 million, compared to Arbitrum (79) and Ethereum (47.2).

Compared to most competitors, such as Arbitrum, Aptos and Ethereum, active addresses increased by 30 percent to 14.2 million over the same period.

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Stripe partnership increases payment volume

Polygon is growing thanks to major integrations. Network activity is increased through partnerships with Polymarket, Stripe, Shift4 and Revolut.

According to the 0xPolygon X account, Stripe stablecoin payments have already surpassed $70

0xPolygon X account states that Stripe stablecoin payments now have over 70 million lifetime volume. The tweet establishes Polygon as a core payment chain and is indicative of increasing merchant adoption.

Source: Polygon

DEX activity is also prominent. DeFi Llama shows that DEX protocols were used to process over 210 million transactions in 24 hours, and monthly DEX transactions on Polygon reached 5.72 billion.

Technical conditions indicate a possible reversal

The POL sign cases to where it was in November 2024, which was 0.766. September recovered to reach resistance at $0.2970.

First, price showed a head-and-shoulders effect. Both the 50-day and 200-day moving averages are above the current price.

A falling wedge pattern now appears on the charts. The convergence of trend lines indicates that the moment for a bullish breakout could be quite close, which usually leads to a rise.

The momentum indicators are also showing a bullish divergence. The Relative Strength Index and the Percentage Price Oscillator both move in an upward direction, counteracting the downward price movement.

Once the price crosses the value of 0.1520, it would indicate the reversal pattern. This is the second resistance area and additional gains can be made after the technical setup is confirmed.


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