Polygon Price Plummets as Team-Linked Wallets Unload $18M in Tokens

Polygon's ($POL) recent price action has been marked by selling pressure, with the altcoin facing rejection at $0.78 and falling to $0.75.

The increase in selling pressure is largely driven by Polygon team-linked wallets dumping $18 million worth of $POL into FalconX, a cryptocurrency exchange platform.

This recent sell-off has led to a surge in exchange supply, with the Exchange Supply Ratio climbing from 0.000379 to 0.00042 and remaining elevated.

The Relative Strength Index (RSI) also confirms this bearish trend, dropping from 57 to 50 at press time and indicating weakening upside momentum.