Polymesh (POLYX), the native token of the Polymesh blockchain, has seen a significant price surge this week, jumping over 60% from $0.11 to around $0.20 at the time of writing.
On Saturday, October 21st, POLYX spiked 32% to reach the $0.20 level, continuing its strong upside momentum. While the exact catalysts behind this rally remain unclear, increased attention and speculation around the project seem to be driving prices higher.
Despite the major price movement, specific reasons or announcements that could be driving this surge have not been identified. Polymesh’s social media channels, including Twitter, do not show any notable developments that would explain the sharp increase. The catalysts behind this upside move still appear largely speculative.
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Polymesh offers an institutional-grade permissioned blockchain tailored for regulated digital assets. It aims to streamline antiquated financial processes and enable new instruments by addressing challenges around governance, identity, compliance, confidentiality and settlement.
The recent price surge means POLYX has broken out of its trading range between $0.11-$0.15 seen over the past couple months. With the major incremental increase on the daily chart, the next key resistance level sits around $0.25.
According to notable crypto analyst Cryptobull on Twitter, investors had lacked patience with POLYX recently but the latest breakout validates his long-term bullish view on the token.
As the Polymesh ecosystem continues maturing and onboarding new partners and users, further adoption could propel POLYX prices higher. However, investors should be aware the recent rally also increases the chance of a pullback in the short-term.
Overall, the Polymesh project remains well-positioned to capitalize on demand for regulated blockchain solutions tailored for institutional use-cases. While POLYX remains highly speculative, its strong upside move shows increased investor interest around the token and platform.
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