Polygon (POL) experienced a sharp decline, falling 8.9% to trade around $0.094 as of press time. The altcoin breached its $0.1 support level, reaching a low of $0.093 amid broader market pressure.
Trading volume climbed significantly during the pullback, rising 54.8% to $87.6 million. Spot netflow turned positive at approximately $849,000, indicating increased fund inflows to exchanges during the price decline.
Derivatives Markets Show Stronger Selling
Perpetuals markets reflected more aggressive selling activity. Polygon Perpetuals recorded $46.79 million in sell volume against $43.2 million in buy volume. Delta fell to negative territory at -9.8 million, while net buying reached -98 million, suggesting most traders closed their positions.
Futures markets followed the same pattern, with $23.6 million in outflows compared to $22.1 million in inflows. Net futures flow dropped to -$1.55 million, a trend consistent over the previous five days.
Technical Indicators Signal Continued Weakness
Technical analysis pointed to sustained downward momentum. MACD fell to 0.007, indicating weakening bullish pressure. ADX DI+ declined to 35 while ADX rose, suggesting strengthening downside momentum relative to weakening upside potential.
If bearish pressure persists, analysts identified $0.082 as the next potential support level. To reverse the bearish trend, POL would need to close above $0.1 and reclaim the $0.12 resistance level.
