POL climbs more than 10% after processing $2.9 trillion in stablecoin transfers

Traders Union
All News
Crypto
Polygon surges 10.26% today

Highlights

Polygon processed $2.9 trillion in stablecoin transfers by September 11, 2023, up $200 billion in 50 days.
Total trades on Polygon reached 8 billion as of September 1, with major payment solutions from Visa, Meta, and Revolut active on the network.
POL/USD is trading with bullish signals and an expected range of $0.095 to $0.1057, with more than 80% probability of an upward move.

Stablecoin transaction growth as ecosystem adoption accelerates

Polygon’s blockchain processed $2.9 trillion in stablecoin transfer volume by September 11, 2023, a $200 billion increase in just 50 days. The number of total trades on the network reached 8 billion as of September 1, further highlighting rapid ecosystem growth. Major companies such as Visa, Meta, and Revolut continue to operate payment solutions on Polygon.

Anton Kharitonov, expert at Traders Union, sees the recent POL rally as driven by a burst of activity and good headline news, but he remains cautious. He notes price is above all major moving averages, yet flags mixed momentum signals and oversold oscillators as warning signs. Kharitonov highlights that strong on-chain growth and adoption by firms like Visa support demand, but he points out that the technical setup is stretched. The wide gap and elevated volatility raise risks of retracement. "Traders should temper enthusiasm and guard against a pullback — the current setup is vulnerable if $0.095 fails to hold support."

Viktoras Karapetjanc, expert at Traders Union, believes the bullish structure for POL remains intact. He cites rapid stablecoin volume and major corporate adoption as powerful fundamental drivers. Karapetjanc points out that price stability above key averages supports confidence in further growth. He sees market momentum and strong institutional activity as offering multiple setups in the coming days. "With continued ecosystem expansion, I expect POL to consolidate with upside breakout potential above $0.1057."

Sholanke Dele, market strategist, notes the positive news sentiment but stays defensive. He is wary of high volatility and inconsistent momentum signals across technical indicators. Dele sees a risk of buyers losing control if the price retreats below $0.095. "I view the current optimism as fragile — a downside move remains a distinct possibility for POL."

Bullish momentum prevails amid mixed technical signals

POL/USD is trading above its 20-day, 50-day, and 200-day moving averages at $0.0961, $0.0886, and $0.0879 respectively, confirming bullish momentum on all timeframes. The near-term support stands at $0.0987, with resistance at $0.1057. The Ichimoku Kijun at $0.1073 points to a prevailing upside trend further out. Momentum readings are mixed: MACD and ADX favor buyers, but the RSI and CCI show a Sell signal. Bull/Bear Power (BBP) remains positive, suggesting intraday buyers dominate, although the Stochastic RSI signals oversold conditions. Price action remains near session highs after a broad upside gap and elevated intraday volatility.

Earlier, analysts noted that robust momentum and expanding partnerships had shifted Polygon's outlook to a prevailing upside bias. The current analysis confirms ongoing strength, but with mixed momentum signals and increased volatility, traders should closely monitor the $0.1057 resistance for signs of a potential breakout.

Source of Data: POL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.