A wallet linked to Cumberland has withdrawn 14.6 million Polygon (POL) tokens worth $1.41 million from major exchanges including Binance, Gate, and Coinbase. Analyst Nazoku reported the withdrawals, which typically reduce supply on order books and can temporarily lower selling pressure. However, Polygon continues to face intense sell-side activity from institutions and individual investors. The exchange supply ratio for POL jumped to a two-week high, indicating increased inflows. Trading volume surged 158% to $83 million, with spot volume rising 35% and futures volume increasing 15%. Technical indicators show weakening upside momentum and strong downside pressure, potentially driving the price below $0.09.
A Cumberland-linked wallet has withdrawn 14.6 million Polygon (POL) tokens, worth $1.41 million, from Binance, Gate, and Coinbase. Analyst Nazoku reported the withdrawals, which were subsequently moved to another wallet.
Such withdrawals typically remove supply from order books, often bringing temporarily reduced selling pressure. Cumberland, as stated, often makes withdrawals to rebalance inventory for reasons including liquidity provision.
Despite this, the market is experiencing increased sell-side activity from both institutions and individual investors. Days ago, FalconX deposited 14 million POL into Binance, adding to selling pressure that has persisted for a prolonged period.
The Polygon Exchange Supply Ratio has been on a strong upward trajectory over the past week. The ratio jumped to a two-week high of 0.00035, implying more POL has flowed into exchanges.
Rising exchange inflows tend to increase supply available for immediate selling, often weakening market structure and potentially leading to a price drop. Since facing rejection at $0.98 four days ago, POL has closed at lower lows, falling to $0.094.
At press time, Polygon traded around $0.095, up slightly 0.98% on the daily charts. Trading volume climbed 158% to $83 million, reflecting increased market participation.
Spot volume rose 35% to $8.17 million, while futures volume increased 15% to $38 million. A rise in both metrics suggests investors have increased activity and deployed capital for strategic positioning.
Polygon’s upside momentum has weakened substantially. The ADX indicator has been declining for two consecutive weeks and made a bearish crossover, while the negative index held within a parallel line.
This setup indicates strong downside pressure and weak upside. If the directional index continues to drop, Polygon will likely breach $0.09 and drop to $0.089. Alternatively, if recent withdrawals reduce pressure, the altcoin could hold $0.094 and target a close above $0.099.
