Price Polygon Price Wedge points to more profits as the addresses jump

The price of the polygon has dragged in recent days as the number of active addresses in the chain increases.

Polygon (POL) rose to an intradic maximum of $ 0.2460, its highest level from March 9 and 24% above its minimum of all time. It remains around 70% below its peak in November last year.

The Polygon rebound is mainly because bitcoin (btc) and many other Altcoins such as Solana (Sol) and Binance Coin (BNB) have recovered in recent days.

It also coincides with the growth of the activity in the chain. According to Nansen, the number of active directions in the network increased by 13% in the last seven days to 2.34 million. The volume of transactions also exceeded 20.7 million.

Additional defilama data show signs of stabilization in the decentralized finance ecosystem of Polygon. The total value blocked in the network increased by 5.7% in the last week to $ 719 million. Bridge TVL increased to more than $ 4.64 billion, while the total stable in the ecosystem rose to almost $ 2 billion.

A large part of the TVL growth came from Quickswap, whose weekly TVL increased by 577% to $ 103.8 million. Other decentralized applications such as Morpho Blue, Aura and Klimadao have also seen notable tickets in recent days.

Even so, the challenges remain for the polygon as competition in the space of layer 2 intensifies. Despite recent profits, its TVL remains well below the historical maximum of almost $ 10 billion.

The layer 2 block chains such as the base and the referee have overcome the polygon in terms of TVL, Volum nft and decentralized exchange volumes. For example, Defi flame data It shows that Polygon Dex networks have managed only $ 3 billion in the last 30 days, while the referee and the base have prosecuted $ 23 billion and $ 21 billion, respectively.

Polygon Price Analysis

The daily graph shows that the POL price reached its maximum point at $ 0.7687 after its MBIC conversion and then crashed to a minimum of $ 0.1900 this month. The currency has formed a bull divergence pattern as the relative resistance index and the MACD indicator have indicated up.

The currency has also moved above the upper side of the wedge pattern that falls. A wedge is seen as one of the most popular bullish investment patterns in technical analysis. As such, it is likely that the price of Polygon continues to rise, with bulls looking at a new key resistance test at $ 0.2854, the lowest level since November 4. A fall below the support at $ 0.1901 would invalidate this upward perspective.