Polygon Price Plummets 11.72% as Selling Pressure Takes Hold

Polygon's native token POL saw its price drop by 11.72% on the day, despite recent growth and strong ecosystem activity.

The decline is attributed to selling pressure, with a sharp downside gap and the price moving towards key technical support levels.

Notably, the daily trading volume of POL doubled to $216 million, with $20 million in net asset bridges to the network.

POL continued as the ecosystem's governance and staking asset, with exchange outflows and transaction fees funding rewards.

The overall momentum is mixed, with the price trading above key averages but facing broad selling pressure.