Polygon Faces Last Line of Defense at $0.3 for the Formation of a Triple Bottom Pattern
Deemed as the stepping stone toward making Ethereum (ETH) the internet of blockchains through a full-fledged multi-chain system, Polygon (POL) continues to attract attention in the crypto space.
As a result, crypto analyst Roxii recently pointed out that Polygon was eyeing the $0.75 zone if a triple bottom pattern saw the light of day.
She pointed out, POL is fighting to make the current level $.33 a support, this would be pretty much Polygons last line of defense. If a support is made, this could be a triple bottom pattern in the making. The upward target is $0.75.
Renowned market analyst Ali Martinez also opined that the zone between $0.36 and $0.50 presents a crucial support zone since on-chain data shows that most POL tokens were accumulated in this area.
Polygon continues to hover around the $0.30 zone, according to CoinGecko data.
Polygons Quest to Tame Slow Speeds
As a Layer 2 (L2) scaling solution, Polygon intends to solve some pressing blockchain challenges, such as high fees and slow speeds.
Therefore, POL serves as an expressway for blockchain transactions since they are quickly processed on a different chain before being securely linked to the Ethereum network.
Having been rebranded to Polygon (POL) from Polygon (MATIC), the ecosystem intends to transition to a full-scale network that supports multiple scaling solutions.
This rebranding started in September 2024 as part of the major Polygon 2.0 upgrade. This shift was instrumental in the networks evolution since the primary focus is on zero-knowledge (ZK) powered Layer 2 chains meant to tame Ethereums scalability challenges.
Text source: ZyCrypto
