POL eyes $0.265 after a 5% rally

Key takeaways

• POL is one of the best performers in the top 50, up by more than 5% in the last 24 hours.
• The coin could rally towards the $0.265 resistance level if momentum continues.

Polygon’s POL outperforms the market, hits $0.23

POL, the native coin of the Polygon ecosystem, is one of the best performers among the top 50 cryptocurrencies by market cap. The coin added more than 5% to its value over the last 24 hours and now trades above $0.23 per coin.

There is no catalyst behind POL’s rally as it is responding to a market-wide recovery. The crypto market has been bearish since the start of the week but seems to have turned a corner after recording positive gains over the last 24 hours.

Bitcoin has recaptured the $115k level while Ether is eyeing the $3,730 resistance zone once again. XRP is also trading around $3 while other major altcoins are also in the green. 

POL has lost its place as one of the top 20 cryptocurrencies by market cap and now occupies the 41st spot in the market. Despite that, Polygon remains one of the leading projects in the crypto space.

POL eyes the $0.265 high

The POL/USD 4-hour chart is bullish but inefficient, suggesting a downward movement to grab liquidity before surging higher. The inefficiency lies around $0.22, and POL could drop to this point in the coming hours before resuming its rally.

The technical indicators are bullish, suggesting that buyers are currently in control of the market. The RSI of 68 shows a buying pressure. However, it is not yet in the overbought region, indicating that POL’s price could surge higher. The MACD lines are also within the positive territory, indicating a bullish bias.

If the rally continues, POL could rally towards July’s high of $0.265 over the next few hours. An extended bullish run would allow POL to target the $0.30 level for the first time since March.

However, the market could face a correction and test lower support zones. If that happens, POL could retest the strong support and TLQ at $0.2086.