Polygon holds KEY support after 100M POL burn: What’s next?
Polygon (POL) has burned 100 million tokens, a major deflationary milestone aimed at reducing supply and supporting price. Despite this, the altcoin's inflation remains elevated, indicating persistent sell pressure. POL's price increased 4.06% to $0.108, flipping the short-term EMA20 and showing bullish momentum, backed by a 17% rise in trading volume. Key indicators like the Stochastic RSI suggest strong buying interest but also significant seller presence. For a sustained bullish move, POL needs to close above $0.11. However, high exchange supply and a declining Stock-to-Flow ratio highlight ongoing downside risks, with a potential pullback to $0.106 if momentum fades.
ambcrypto02/21 11:02