FalconX deposited 14 million Polygon (POL) tokens worth approximately $1.29 million into Binance, adding fresh exchange-side supply pressure as POL attempts to stabilize around $0.09349 after a sharp pullback from its late-August peak near $0.125. Despite the deposit, Binance top traders maintain substantial long exposure, with a Long/Short Ratio of 1.72. However, recent long liquidations exceeded short liquidations by over five times. POL is currently defending the $0.08934 support zone, forming a potential double-bottom rebound pattern with $0.09846 as key resistance.
FalconX moved 14 million Polygon (POL) tokens valued at $1.29 million into Binance amid the token’s ongoing price correction. The transaction marked FalconX’s largest POL deposit to Binance this week, raising fresh exchange-side supply concerns among traders.
At the time of writing, POL attempted to stabilize around $0.09349 after pulling back rapidly from its late-August peak near $0.125. The transfer introduced readily available exchange supply, creating potential selling pressure. The transaction did not confirm that FalconX sold those tokens, but added supply risk as POL sat around a key demand region.
Derivatives positioning offered a different outlook. According to CoinGlass, Binance top traders maintained substantial long exposure despite FalconX’s deposit. Long positions accounted for 63.21%, against 36.79% for short positions, resulting in a 1.72 Long/Short Ratio.
This bullish conviction persisted while POL consolidated around its demand area following the late-August retracement. However, the heavy long positioning also increases vulnerability risks if the key support fails to hold.
Recent liquidation activity showed long liquidations reached roughly $2,130, exceeding short liquidations at only $379. The OKX exchange contributed approximately $2,040 of those long liquidations, while Bybit recorded around $95. All $379 in short liquidations occurred on Binance, which recorded zero long liquidations.
Overall liquidation totals remained modest compared to earlier spikes. Further price contraction could expose additional longs, particularly if POL fails to preserve its current demand zone.
At analysis time, Polygon (POL) traded near $0.09320 after pulling back into its newly established daily demand zone surrounding the $0.08934 support. The price previously challenged the $0.09846 supply zone across six consecutive sessions without a successful breakout, then dropped toward $0.090.
This second defense created a possible double-bottom rebound structure, with $0.09846 acting as key resistance. The RSI reversed from 47.87 toward 49.08, aligning with the latest green candle from the demand zone. A successful break above $0.09846 would validate recovery potential toward $0.10691 and possibly $0.12000.
Another rejection at $0.09846 would keep POL range-bound, while losing $0.08934 would invalidate the developing double-bottom setup.
