A wallet associated with Cumberland withdrew 14.6 million Polygon [POL] tokens worth approximately $1.41 million from major exchanges including Binance, Gate, and Coinbase, according to analyst reports. The tokens were subsequently moved to another wallet.
Withdrawals of this scale typically reduce token supply available on exchange order books. However, Polygon has faced sustained selling pressure from both institutional and retail investors despite the withdrawal.
Selling Pressure Persists
The altcoin's Exchange Supply Ratio has climbed to a two-week high of 0.00035, indicating increased token inflows into exchanges. Rising exchange inflows typically expand the supply available for immediate selling, which can weaken market structure and pressure prices.
Polygon faced rejection at $0.98 four days prior to the reporting period and subsequently fell to a low of $0.94. At the time of reporting, the token was trading around $0.095, up 0.98% on daily charts, with volume climbing 158% to $83 million. Spot volume rose 35% to $8.17 million while futures volume increased 15% to $38 million.
Technical Outlook
Technical indicators suggest weakened upside momentum. The ADX indicator declined over two consecutive weeks and executed a bearish crossover, while the negative directional index held within a parallel line. This configuration typically indicates stronger downside pressure relative to upside potential.
If downside pressure continues, analysts expect Polygon could breach $0.09 and decline toward $0.089. Conversely, if recent large withdrawals reduce selling pressure, the token may hold at $0.094 and attempt a close above $0.099.
