Polygon price continued its downward pattern on Monday, June 23, dropping to its lowest degree since April 9.
Polygon (POL) plunged to a low of $0.1732, mirroring the broader sell-off in altcoins. The token is now down greater than 77% from its December 2023 excessive.
The sell-off in Polygon comes amid a broader crypto market downturn and the community’s declining market share to rising opponents like Base and Arbitrum. As an illustration, decentralized exchanges on Polygon processed $3.82 billion in transactions over the past 30 days.
By comparability, Coinbase’s Base chain dealt with over $29 billion throughout the identical interval, whereas Arbitrum recorded $18.9 billion. Newer layer-1 blockchains such as Hyperliquid and Sui have additionally overtaken Polygon when it comes to DEX quantity.
On a extra constructive notice, Polygon has proven robust growth within the booming stablecoin sector. Its stablecoin provide has jumped 10% over the past 30 days to greater than $2.3 billion.
Supporting this, the variety of stablecoin transactions on Polygon jumped 44% to 81.1 million throughout the identical interval. The adjusted transaction quantity surged 35% to $52 billion, positioning Polygon as one of many main chains in stablecoin exercise.
Most of this exercise has come by way of Binance, adopted by Polymarket, the favored prediction market platform.
Polygon price technical evaluation
The every day chart reveals that POL bottomed at $0.1500 in April and rebounded to a excessive of $0.2754 on Might 11. Since then, the price has retreated and damaged under the 50-day shifting common.
Polygon is now approaching a crucial assist degree at $0.1500, suggesting it might be forming a double-bottom pattern, a widespread bullish reversal sign.
If the price holds above this degree and begins to bounce, the subsequent upside goal could be the neckline round $0.2757. Nonetheless, a decisive drop under $0.1500 would invalidate the bullish setup and probably set off additional draw back.
