Key support at $0.235 tested after rejection from major resistance zone
Polygon’s POL (POL/USDT) faced heavy selling pressure in the latest trading session, falling 6% from recent highs near $0.265 to a low of around $0.236. The move came amid renewed macroeconomic concerns after fresh inflation data rattled risk markets, prompting traders to lock in gains.
The drop followed a failed breakout attempt above the $0.26–$0.27 resistance zone, marked in red on the chart. Price action rejected sharply from this level, echoing a similar reversal seen in mid-July.
“Whenever you have a confluence of macro risk and a strong technical barrier, profit-taking tends to accelerate,”According to BITX market analyst.
Following the sell-off, POL found buying interest at the $0.235–$0.24 green support band, an area that previously acted as a consolidation floor during the early August rally. Trading volume surged to 8.22 million POL, indicating that both sellers and opportunistic buyers were active at this price point.
If this level fails to hold, the next major support sits in the $0.185–$0.19 zone (highlighted in orange), which served as a launchpad for the July breakout.
Technical Outlook for the Coming Sessions
From a broader perspective, POL’s price structure shows a rising channel break, followed by a retest of mid-range support. While short-term momentum has weakened, holding above $0.235 could allow for a rebound back toward $0.26.
For bullish continuation, traders will look for a clear daily close above $0.27, which would invalidate the recent rejection and potentially target the $0.30 psychological level. Conversely, sustained closes below current support could shift sentiment decisively bearish.
For now, all eyes are on volume patterns and how POL reacts to the $0.235 pivot — a level that may decide whether the market sees a recovery or an extended correction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.