FalconX's $1.29M POL Deposit Raises Selling Pressure Concerns

Polygon (POL) has faced renewed supply pressure after FalconX deposited 14 million tokens valued at $1.29 million into Binance, a move that raises concerns among traders about potential selling pressure.

The transfer occurred when POL was attempting to stabilize around $0.09349 after pulling back from its late-August peak of $0.125.

Moving tokens into Binance introduces readily available exchange supply, creating potential selling pressure, but it does not confirm that FalconX sold those tokens.

However, buyers would need to absorb any incoming selling pressure to protect the establishing recovery structure.