Polygon Price Falls 8.9% as Selling Pressure Pushes POL Below $0.10
Broader market weakness has hit Polygon (POL) particularly hard. The altcoin broke below the $0.10 support level and fell to a low of $0.093, while the final market summary reported a low of $0.092.
At the time of writing, POL was trading near $0.094, down 8.9% over 24 hours. Despite the price decline, trading volume increased 54.8% to $87.6 million. Rising volume during a pullback often indicates increased selling activity as investors reduce their exposure.
Polygon Faces Intense Selling Pressure
As POL continued to decline, investors across the market appeared to be exiting their positions. On the spot market, Spot netflow turned positive after an initial decline.
Spot netflow stood at approximately $849,000 at press time. Positive netflow indicates that more funds entered exchanges, which can suggest increased potential selling activity.
When holders move funds to exchanges and cash out during a downtrend, it often reflects fear and declining confidence. Increased profit realization during an extended period of weakness can also precede further losses.
Polygon Derivatives Data Turns More Bearish
Activity in the derivatives market was even more negative. According to Coinalyze data, Polygon perpetual contracts recorded $46.79 million in sell volume, compared with $43.2 million in buy volume.
At the same time, delta moved deeper into negative territory at -$9.8 million, while net buying also remained negative at -$98 million. Persistent negative delta and net buying suggest that many traders closed their perpetual positions.
The futures market showed a similar pattern. Polygon recorded $23.6 million in futures outflows against $22.1 million in futures inflows.
Netflow fell to -$1.55 million, extending a trend that has lasted for the past five days. The period of elevated outflows has coincided with Polygon’s price decline.
What Comes Next for POL?
Intense selling pressure has significantly strengthened Polygon’s downside momentum. The altcoin’s MACD showed bearish pressure, falling to 0.007 and confirming that bullish momentum is weakening.
The positive ADX directional indicator, or DI+, also continued to decline, reaching 35. A falling DI+ alongside a rising ADX and increasing D- generally indicates weakening upside momentum and strengthening downside pressure.
With both indicators weakening, the technical setup points to a higher likelihood that the prevailing downtrend will continue. If sellers maintain control, POL could fall below $0.09, with $0.082 emerging as the next support level.
To invalidate the bearish outlook, POL would need to secure a daily close above $0.10 and reclaim the $0.12 resistance level.
