Polygon’s POL token is doing well today. The POL price pumped 8% which means it’s now trading around $0.21; highest level this month.
Analyst ‘World of Charts’ weighed in on the situation around POL and explained where could the price be headed next.
POL has been trapped in a downward channel since November 2024, with a clear pattern of lower highs and lower lows forming a descending parallel channel. This bearish pattern has dominated price action for months, with the upper trendline repeatedly rejecting price attempts to break higher, while the lower trendline has served as a floor during major sell-offs.
However, recent price action shows POL has broken above the midline of this descending channel, signaling potential bullish momentum. This carries big weight as it represents the first serious challenge to the prevailing downtrend since it began last year.
Polygon Price: Key Resistance Zone Tests
The $0.20-$0.21 area has been a stubborn horizontal resistance zone for POL over the past month. The price has attempted to break through this level multiple times but faced rejection, leading to consolidation just below this threshold. This repeated testing has established the zone as a critical price level.
What makes today’s price action particularly interesting is that POL is now testing this key resistance zone again, but this time with increased momentum after breaking above the channel’s midline. If POL can successfully convert this resistance into support, it would confirm a significant shift in market sentiment.
| Level | Significance |
|---|---|
| $0.20–$0.21 | Major resistance zone being tested now |
| $0.25 | Mid-channel resistance or next target after breakout |
| $0.35 | Potential target in bullish continuation |
| $0.18 | Support from recent higher low |
| $0.15–$0.16 | Previous bottom zone, strong support floor |
According to World of Charts’ analysis, a successful breakout above this horizontal zone could trigger a substantial rally. The analyst projects that after a potential short-term pullback to retest the $0.20 zone, POL could continue its upward movement toward the $0.25 area, which aligns with previous structural levels inside the channel.
If bullish momentum sustains, the analyst sees a pathway for POL to extend its rally toward $0.35 in the coming days. This target coincides with prior structural levels and Fibonacci projection targets from the current setup.
The emerging picture for POL suggests the token may be in the early stages of a bullish reversal after months of decline. With the break of the falling channel and current retest of horizontal resistance, the POL price appears to be setting up for potential upside if the current momentum continues.
Read also: 2 Main Reasons Why Kaspa (KAS) Price Is Pumping
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