Within the last 96 hours, a subset of large-scale investors popularly referred to as the whales, has swept in and brought up around to the tune of 140 Million Polygon (POL) tokens. This amounts to a total of $56 Million, according to analyst Ali_Charts.
This huge purchase has caught the attention of many in the crypto world. It’s raising questions about what might happen next for Polygon ($POL) and its price.
Besides that, Polygon is a Layer 2 solution for Ethereum. Ethereum is the underlying network that makes its operations faster and more effective. Ethereum is still overcoming the issues of high gas fees and time-dilated transactions, in particular, the network freeze periods.
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In such a case, Polygon is a service that facilitates transfers at great speed and at very low rates. Consequently, the decision to use Polygon for either blockchain developers or investors wanting to invest in the potential of the space might be the main driver for its price growth.
What Does This Surge in Accumulation Mean?
There is a notion that if whales tend to buy a substantial amount of $POL tokens, there is a high likelihood the project will succeed. Whales tend to buy when they foresee the growth of a project.
Moreover, Polygon’s ability to provide solutions to Ethereum’s problems has made it increasingly popular. The more dApps and projects are deployed on Polygon’s network, the higher the demand for the $POL token.
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As a result, these whales are placing their bets that the value of $POL will appreciate in tandem with the growth of Polygon.
Is a Polygon Price Rally on the Horizon?
In another tweet posted by Ali_Charts on X, he stated that if Polygon holds the support level between $0.375 and $0.386, it could create a new higher high. It would also signal growth, indicating that a potential rally might be on the horizon.
Another analyst, CryptoBull_360, agrees with this bullish outlook. He pointed out that $POL has broken a key resistance level, which could trigger a major bullish rally.
Increased trading volume and strong momentum are often signs that a token is ready to break out. Moreover, many experts believe that Polygon is on the brink of doing just that.
With the support from large investors, the future looks promising for $POL. The upgrades and the growing interest from investors show that Polygon’s network is growting stronger.
Therefore, further price increases for $POL are likely in the horizon. The Total Value Locked (TVL) in Polygon’s DeFi products has also grown significantly.
According to Defillama, Polygon’s TVL increased from $772 Million in November 2023 to $1.01 Billion in November 2024. This indicates that increased numbers of people are beginning to trust Polygon for their decentralized finance operations.
