Polygon Crashes 12% Amid Intense Selling Pressure

Polygon (POL) has been hit with intense selling pressure, causing its price to drop by 12.3% over the past day.

The altcoin's uptrend collapsed at $0.12 and it has since closed at lower lows for two consecutive days, breaching the $0.11 support level and falling to a low of $0.105.

Despite the decline in trading volume by 34% to $157 million, indicating reduced market activity, Polygon's Open Interest dropped 11.3% to $111 million, suggesting that leverage is leaving the market as traders close their positions.

The Futures outflows of $49.43 million compared to $39.3 million also indicate a net loss of -$3.04 million in futures trading, further confirming the bearish trend.