Polygon Price Plunges, But Wait – Could a Crypto Comeback Be Near? 🚀

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Ah, the wonders of the digital coin world! Polygon‘s price has taken quite the nosedive this year, slipping down into the abyss towards its lowest point of the year. How terribly thrilling.

On Friday, July 4th (because who doesn’t love a dramatic plunge on Independence Day?), Polygon (POL) tumbled to a dismal $0.1800, which is a remarkable 76% drop from its peak this year. One might say it’s a bit like watching a deflating balloon — over $4 billion evaporated from the market cap, plunging from a glorious $6 billion to a modest $1.88 billion. Quite the spectacle, really.

But hold your horses! Polygon might just be on the cusp of a breakout. It managed to flip Ethereum (ETH) on the rather exciting topic of weekly non-fungible token (NFT) sales. According to CryptoSlam (so, you know, they must be onto something), Polygon saw a 52% surge in NFT sales in the past week, bringing in a healthy $24 million, while Ethereum saw a small decline, falling 5.7% to $23 million. Shocking! 😲

But wait, there’s more! Polygon’s NFT volume is largely thanks to Courtyard, which raked in over $18 million in sales. DNS and OKX NFT Creation are also pulling their weight with a combined $4.9 million in sales. Look at them go!

Oh, and did I mention stablecoins? Polygon’s staking its claim in that territory too, thanks to Polymarket. Artemis data shows that the stablecoin supply on Polygon has surged by 8.5% over the last 30 days, reaching a whopping $2.4 billion, while transactions jumped by a staggering 39%, clocking in at 92.6 million. Impressive, if you ignore the other developments. 👀

But alas, there’s always a catch. Polygon has some rather stiff competition in the Layer-2 arena. With $1.2 billion locked, it’s currently holding off rivals like Unichain, which has already reached $1.16 billion, and Base, which is sitting pretty with a cool $4.9 billion TVL. Meanwhile, Base’s monthly decentralized exchange volume has catapulted to an impressive $28 billion. So… yeah, there’s that.

Polygon Price Technical Analysis (Hold onto Your Hats!)

The daily chart is showing signs of life (finally). Polygon’s price appears to be forming a double-bottom pattern at $0.1500, with the neckline at $0.2755 — its highest point from May. It’s almost as if it’s trying to pull a Houdini and escape from the pits of despair. This neckline just so happens to sit slightly below the 23.6% Fibonacci retracement level. Well, isn’t that fancy? 🧙‍♂️

But wait, there’s more! Polygon has also developed a falling wedge pattern, which is a classic bullish reversal setup. The two descending trendlines are coming together like the dramatic final scene of a romantic comedy, and once they meet… oh, the breakout could be truly spectacular.

If Polygon manages to break out (fingers crossed!), the first target would be the neckline at $0.2755, a potential gain of 53% from where it is now. However, if it tumbles below the double-bottom support at $0.1500, well… forget the breakout. It’s back to square one. 😬

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2025-07-04 21:30