Polygon's price is in a pullback phase, forming a resistance trendline with five bearish reversals.
Polygon dropped below the 23.60% Fibonacci level at $0.4901 and is now trading at $0.4874, showing a 5.16% daily correction.
The 4-hour RSI has dipped below 50%, and bearish crossover in 100 and 200 EMA signals further downward momentum.
Polygon added 1.5 million "super users" in 2024, achieving 867.7 million monthly transactions, outpacing competitors like Optimism.
Supply zone: $0.4875 - $0.5016 (23.8M tokens). Support zone: $0.47 - $0.4847 (9.11M tokens), indicating bearish pressure.
If bearish momentum persists, Polygon may test $0.4678 support or fall to $0.4127.
A bullish divergence at $0.4636 could spark a rally toward the 50% Fibonacci level at $0.5768 by late 2024.
Bearish sentiment dominates Polygon's price action, but long-term adoption metrics show resilience.
Watch critical support levels and RSI signals for potential trend shifts in the near term.