Polygon [POL] experienced a significant price movement, rallying over 31% over a 24-hour period before paring some gains to about 18%. During this time, daily trading volume surged by 133% to approximately $365 million, driven by network activity and broader market conditions.
On-chain metrics highlighted growing usage across the network. Polygon's transaction count increased significantly over the week, rising over sixfold from 407 to 2,606. Concurrently, active addresses doubled from 161 to 286.
Decentralized exchange (DEX) and perpetual volume also recorded sharp increases. DEX volumes grew fivefold from $50 million on August 9th to $240 million two weeks later, while perpetual volumes surged by 8.6 times.
Fundamental growth was further supported by stablecoin settlements. Polygon integrated the settlement of Frax's frxUSD-based FX pools, though USDC maintains the dominant share on the chain at 54%. DefiLlama data showed the stablecoin market cap grew to $3.035 billion, contributing to an increase in chain fees from $60,000 to over $90,000.
On the charts, POL traded above $0.085, the neckline of an inverted heads-and-shoulders pattern, indicating a shift in market structure. However, the asset faced resistance around the $0.12 level. Technical indicators showed the MACD turned green, while the Cumulative Volume Delta (CVD) indicated net buying activity with over 46 million POL tokens withdrawn from the Binance spot market.
