Polygon’s native token, POL, has captured significant attention within the cryptocurrency space following an impressive price surge. Over the last week, POL’s value has skyrocketed by approximately 35%, with a sharp 30% increase in just the past 24 hours. The token now trades above $0.59, up from a low of $0.34 earlier this week.
Major Transfers by Alameda Research
The surge coincides with notable token movements by Alameda Research, a prominent investor in Polygon. On November 23, the firm transferred 2 million POL tokens (worth approximately $927,000) to Binance, a leading cryptocurrency exchange. In total, Alameda has shifted 4.5 million POL tokens over the past several days.
Despite these large transfers, often seen as potential sell-off indicators, POL’s price has continued to rise, reflecting resilient demand.
Robust Market Performance
POL’s trading activity has surged on Binance. According to CryptoMeter.io, the POL/USDT trading pair recorded a 24-hour trading volume of 148,235,242 tokens, with a low of $0.4587 and a high of $0.6079. Impressively, the token is trading near its all-time high of $0.6039, with the current price only 0.26% below this milestone.
Balanced Market Dynamics
Market data reveals a relatively even distribution between buy and sell orders. Over the past 24 hours:
- Buy orders accounted for 47%–54% of the volume.
- Sell orders ranged from 46%–53%.
This balance highlights healthy trading dynamics, with neither buyers nor sellers dominating the market.
Investor Sentiment and Market Confidence
The resilience of POL’s price, even amid significant token transfers by Alameda Research, underscores growing confidence in Polygon’s ecosystem. Traders and investors are closely monitoring POL’s performance, considering both its upward momentum and the strategic moves of key stakeholders like Alameda.
As the token continues to approach new highs, all eyes remain on how these developments will shape its future trajectory.
