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POL’s extended downtrend – Is there ANY upside in the short-term for its price?
The ongoing decline in Polygon’s (POL) value has been a subject of much discussion and debate lately. The cryptocurrency, which had been on an upward trend not too long ago, seems to have taken a drastic turn, dropping 18.90% over the past week.
At press time, POL is continuing its downward spiral, with no signs of a reversal in sight. So, is there any upside in the short-term for this cryptocurrency’s price?
According to an analysis by AMBCrypto, it appears that the likelihood of a rally anytime soon is slim to none. This is largely due to the recent surge in exchange reserves and reduced investor interest.
The data shows that the amount of POL available on exchanges has risen significantly, with over 57 million coins now being held on these platforms. This increase typically indicates a shift towards selling pressure, which would further exacerbate the downtrend.
Source: ambcrypto.com
