FalconX's $1.29M Token Transfer Hits Polygon Amid Price Correction

Polygon (POL) has faced increased selling pressure after FalconX transferred 14 million tokens worth $1.29 million to Binance, causing concerns about fresh supply during a price correction.

The transfer has raised questions about the potential impact on Polygon's price, which is currently defending a key support zone around $0.08934. The cryptocurrency may be forming a double-bottom rebound with resistance at $0.09846.

Despite this development, top traders on Binance remain bullish, holding a strong long position ratio of 1.72 and expecting a price recovery.