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Polygon News: POL Downward Spiral Continues – Is There Hope for a Price Turnaround Soon?
The price of POL has continued to plummet, with the cryptocurrency experiencing an 18.90% decline over the past week. As the downward spiral shows no signs of abating, many are left wondering if there is any hope for a turnaround in the short term.
Data reveals that exchange reserves have surged by 2 million, indicating heightened sell pressure as traders move their holdings to exchanges in preparation for liquidation. This trend typically precedes further price declines, leaving little room for optimism.
Furthermore, the number of active addresses has plummeted, dropping to 1,231 from an already low level. This drastic reduction is a clear indication of decreased investor confidence and reduced market participation.
The lack of upward momentum in POL’s price suggests that bearish sentiment continues to dominate the market. In conjunction with decreasing transaction sizes and declining open interest, this downward trajectory appears unlikely to change course anytime soon.
In light of these developments, it seems unlikely that a short-term turnaround is imminent.
Source: www.crypto-news-flash.com
