🚀 Strong Monthly Gains for Polygon [POL]
POL has shown impressive performance, surging 13.93% on the monthly timeframe and gaining 5.41% daily. If the bullish setup plays out, it could push POL closer to the $5.6 target.
📊 Head-and-Shoulders Pattern Signals 33% Gain
POL is positioned for a potential 33% gain with the formation of a head-and-shoulders pattern. For this bullish scenario to unfold, POL must break the neckline at $0.4282. Once breached, POL could rally to $0.5652, a 33.13% increase. However, reaching this level could trigger either continued gains or a pullback.
📈 Positive On-Chain Metrics
The Funding Rate for POL stands at 0.0205%, indicating strong buying activity. A positive Funding Rate suggests that longs are paying shorts, signaling bullish sentiment. Open Interest has risen 7.3% to $96.62 million, with market volume soaring by 98.12% to $606.64 million, reflecting increased bullish momentum.
📉 Technical Indicators Support Uptrend
The Balance of Power (BoP) at 0.41 indicates that buyers are in control. Meanwhile, the RSI reading of 66.13 suggests further upside potential as it hasn’t yet reached overbought levels.
💪 Outlook
With strong on-chain metrics and technical indicators aligning, POL is poised for further gains, provided these bullish trends continue.
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