Polygon [POL] Surges Over 14% Amid 690% Jump in Exchange Outflows

Polygon [POL] recorded a price increase of over 14%, extending its gains from the $0.70 support level to more than 65% and positioning itself as the second-biggest daily gainer among the top 100 cryptocurrencies by market cap.

On the charts, Polygon broke through the neckline of an inverted head-and-shoulders pattern and moved past the $0.12 resistance level. Bulls are now eyeing the supply zone between $0.15 and $0.18. According to LuxAlgo Smart Money Concepts, the altcoin formed new weekly highs and sits above equal highs at $0.12, signaling a market structure shift. Additional bullish indicators include a positive Funding Rate of 0.0050% on Binance, which has remained green since August 16, alongside rising Historical Volatility that increased from 43.96 to 101.06 over a five-day period.

Data from CryptoQuant revealed that Polygon's exchange outflows surged by 690% over a 24-hour period, highlighting intense buying pressure with significant outflows recorded on August 21 and August 24. Capital inflows into the ecosystem also expanded significantly. Artemis data showed that Polygon PoS recorded the strongest bridged net flows in the broader market at over $20 million over a 24-hour window, while Polygon PoS bridge volume rose by 263% over the past week.

Network activity further expanded through decentralized finance integrations, such as Charm's sPOL liquid staking vault reaching $1 million in Total Value Locked to supply native liquidity on the network.