Polygon’s POL token surged 11.7% on Saturday, reaching $0.1064 with weekly gains of 10.09% despite a drop in trading volume. Analysts note the recovery is occurring from the support line of a falling wedge pattern on the charts, with key support at $0.0910 and liquidity pressure building near $0.11.
The Polygon ecosystem token POL saw a strong midday recovery on Saturday, according to CoinMarketCap data. The token is trading at $0.1064 after appreciating 10.09% over the past week, though its trading volume declined 17.23% to $85.71 million.
Analyst Jonathan Carter highlighted that POL is attempting a recovery from the lower boundary of a falling wedge pattern on its 3-day chart. “The structure remains intact even with the decline in the value of the cryptocurrency,” he noted, identifying potential upside targets at $0.13, $0.17, $0.21, $0.29, $0.41, and $0.52.
Shark Crypto mentioned that POL is holding above the $0.0910 support level. The analyst stated the next price target is above $0.1100, where a cluster of liquidity is situated.
Derivatives data from CoinGlass shows open interest increased 3.86% to $71.75 million, while trading volume dropped 8.33%. The OI-weighted funding rate stands at 0.0027%, indicating a slight bullish bias among leveraged traders.
Technical indicators show easing bearish pressure, with the Relative Strength Index at 48.89 in neutral territory. The Moving Average Convergence Divergence (MACD) indicator also shows a positive reaction, with its line at 0.0009 and the histogram at -0.0084.
