Polygon Price Eyes Breakout as Network Activity Surges
Polygon has exhibited bullish reversal signals in price, with its transactions increasing 90 percent and active addresses rising 30 percent in the past month due 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 by Nansen data in the last 30 days. The number of transactions shot up 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 30 percent to 14.2 million in the same period.
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Stripe Partnership Drives Payment Volume Higher
Polygon is growing due to major integrations. Network activity is being increased by 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 have now more than 70 million lifetime volume. The tweet makes Polygon a core payments chain and an indication of rising merchant adoption.
Source: Polygon
DEX activity is also emphatic. DeFi Llama displays that DEX protocols have been used to process over 210 million in volume within 24 hours, and monthly DEX transactions were 5.72 billion on Polygon.
Technical Setup Points to Potential Reversal
The POL token dropped to where it was in November 2024, which was 0.766. September rebounded and reached a resistance at $0.2970.
First, the price exhibited a head-and-shoulders. Both 50-day and 200-day moving averages are above the present price.
A falling-wedge pattern now appears on the charts. Trendlines converging have indicated that the time to launch a bullish breakout could be quite close, which usually leads to an increase.
Momentum indicators are also showing bullish divergence. The Relative Strength Index, as well as the Percentage Price Oscillator, are both moving in an upward direction, which is against the falling price movement.
Once the price exceeds the value of 0.1520, it would indicate the reversal pattern. This is the second resistance area, and additional gains might be achieved after the technical setup is confirmed.
The post Polygon Price Eyes Breakout as Network Activity Surges appeared first on Live Bitcoin News.
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