Polygon Breaks Free of Descending Channel, Tests Resistance at $0.08511

Polygon has broken free of its descending channel and is now testing resistance near $0.08511.

The token's price has surged 5.85% over the last 24 hours, with a market capitalization of $851.21 million and a 24-hour trading volume of $78.48 million.

The breakout comes after Polygon spent recent sessions below the $0.08 mark, with buyers waiting on the sidelines.

Futures traders are signaling a long bias, with open interest at $62.61 million and a position-weighted long/short ratio of 1.3968 for top traders.

The token's technical analysis shows that breaking above the descending channel is significant, but the real test starts here as it faces resistance near $0.08511.