Polygon (POL) has struggled in terms of pricing, but POL’s network continues to thrive.
According to CoinMarketCap data, the number of POL holders increased from 138,000 to 245,000 in just one month, representing over 107,000 new wallets, which equates to a 78% increase.
This was a clear bullish signal as it indicated that the community was expanding even though this was not reflected in POL’s price action.
Such an increase is due to an increase in network payments and an expanding agentic economy.
For example, MCrypto card volume alone has already increased by over 122%, reaching an all-time high with a fortnight remaining in July. More than $30.5 million has been processed so far, up from $13.69 million in June.
Overall, Polygon has moved over $2.6 trillion in stablecoins since its inception. That’s more than any physical bill or coin in the United States.
Additionally, the AI economy has contributed to an increase in the number of wallets. Polygon CEO Sandeep Nailwal confirmed the construction of 13 projects with AI, where real transactions are already settled on 5 chains.
An overview of POL use and whale activity!
In terms of network usage, Polygon ranked among the top eight chains in terms of daily DEX volume, ranking sixth with $433 million recorded.
However, whale activity was high on the negative side. A whale made four deposits totaling 14 million POL worth $1.17 million to Binance. The portfolio no longer contains POL after completely exiting the position, indicating that the selling pressure from this whale is over.
Is POL price in recovery mode?
Polygon seems to be recovering since it has been on the rise since the beginning of July. POL is respecting trendline support, potentially due to high network usage. It even surpassed a key resistance at $0.8200.
However, failure to maintain POL price above technical structures may reverse and consider the breakout as counterfeiting. The demand levels that could prevent a full retracement to $0.68 were $0.78-0.80, $0.75, and $0.73.
Final summary
- Polygon user numbers grew 78% amid increased network payments and AI integration.
- POL has been rising since early July, but it is only sustainable if price can stay above formed technical structures.
