Journalist
Posted:
- Solid liquidity outings from Pol In the last 24 hours can send a price decrease.
- At the graph, Pol could fall to his low point of February.
Polygon [POL] Has had a bearish performance in several market periods. In the past month it registered a price drop of 34%, which was expanded last week, together with a decrease of 4.53% in the last 24 hours.
The analysis of Ambcrypto shows that the fall is likely to intensify because large market statistics have become Beerarish, especially the more liquidity comes from the active.
Massive liquidity outflow brings 99% of the holders to the loss
In the last 24 hours, Pol has registered a significant chain Netflow compared to other chains, which become negative. A negative chain Netflow means that liquidity has been withdrawn from the chain, indicating a bearish sentiment.
For Pol, more than $ 13.2 million has been sold to the actively and removed from the chain. This high level of outflow refers to increased provision in the market and the tendency to a further decrease.
Source: Artemis
Ambcrypto, however, noted that this enormous outflow has “put a considerable number of holders out of the money”. At the time of writing, 99.73% of the Pol holders were losses, with only 0.27% of traders in profit.
The fear of further losses at holders could lead to a large sale of this cohort, which forces the price of the asset to continue to fall.
A path to $ 0.24 can be nearby
The sales pressure of market participants and the liquidity outflow can force a price fall, a path that is clear on the graph.
Currently, Pol acts within a falling channel, with the price that forms lower highlights and lows.
If Pol breaks down from the support level at $ 0.278, it can actively decrease until the liquidity zone of $ 0.243, a low last reached on 3 February.
Source: TradingView
If the salesman’s momentum is high, it can actively fall below $ 0.243, so that a new low and trade sessions are progressing.
Tun up spot and derivatives
The spot and derivative markets are tailored to a possible price decrease.
The derivatives market has been sold in the last 24 hours, because open interest fell by 1.29% to $ 78.41 million, while the volume rose by 73.18% to $ 68.09 million.
When open interest rates and the volume increases, this indicates a strong sales pressure in the market, with a high momentum behind it.
Exchange Netflow reflects this sentiment, because $ 181,500 has been sold to Pol for the past three hours, which means that market participants started selling after a long number of buying.