Why is Polymesh (POLYX) Price Up By 85%?

In the last 24 hours, Polymesh (POLYX), an institutional-grade permissioned blockchain for regulated assets, has experienced an astounding 86.09% price increase. The token is currently trading at $0.4106, with a 24-hour low and high of $0.2182 and $0.4359, respectively. This impressive performance has propelled POLYX’s market capitalization to $351,650,430, ranking it 227th among all cryptocurrencies.

Polymesh: The Ethereum for Security Tokens

According to trader Valeriya, due to its focus on creating tokens that represent ownership or dividends in companies, people often compare Polymesh to “Ethereum for security tokens.” The Polymesh ecosystem specifically tailors the ST20 standard for these tokens. To ensure legal validity, security tokens issued on Polymesh must meet regulatory standards set by the Securities and Exchange Commission (SEC).

By streamlining antiquated processes and solving challenges related to governance, identity, compliance, confidentiality, and settlement, Polymesh aims to open the door to new financial instruments and attract institutional investors to the blockchain space.

BlackRock’s RWA Tokenized Fund Fuels Bullish Sentiment

One of the key factors driving the recent price surge of POLYX is the growing interest in the Real World Assets (RWA) narrative. With BlackRock, the world’s largest asset manager, launching their RWA tokenized fund, it has become evident that RWA is poised to be a massive trend in the current crypto cycle.

Trader Ash Crypto, who has been accumulating POLYX since 2022, believes that Polymesh is a strong RWA contender and expects the token to reach $1 in the near future. As more institutional investors recognize the potential of tokenized real-world assets, platforms like Polymesh are well-positioned to capture this growing demand.

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Technical Analysis: Breakout and Bullish Indicators

According to our analysis, POLYX has broken out of a descending channel on the 4-hour chart, signaling a potential trend reversal and further upside potential.

The 200-day moving average (MA) for POLYX currently stands at $0.1821. With the token trading well above this level, it indicates that the long-term trend is bullish and POLYX has significant room for growth.

The daily chart Relative Strength Index (RSI) for POLYX is currently at 74. An RSI above 70 typically suggests that the token is overbought and may be due for a correction. However, strong bull markets can cause tokens to remain overbought for extended periods, and relying solely on the RSI for investment decisions is not advisable.

Growing interest in the RWA narrative and the platform’s focus on compliant security tokens have driven Polymesh’s 86% price surge, positioning POLYX as a token to watch in the coming weeks and months. As more institutional investors recognize the potential of tokenized real-world assets and seek to comply with regulatory standards, Polymesh is well-positioned to benefit from this trend.

However, investors should always exercise caution when investing in highly volatile assets like cryptocurrencies and conduct thorough research before making any investment decisions.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency