Polygon Surges 14%, Exchange Outflows Soar 690%
Polygon's price surged over 14% in the past day, making it the second biggest gainer among top 100 cryptos by market cap. The altcoin broke above $0.70 and continues to rise, with bulls eyeing a target of $0.18.
The altcoin's exchange outflows increased by 690% in 24 hours, indicating aggressive accumulation. This is further supported by the bridged volume and liquidity explosion on the Polygon network.
According to CryptoQuant data, exchange outflows have been rising over the past week, with the 21st and 24th of August being the biggest days. The network's DeFi integration is also growing, with the TVL of the POL-based liquid staking vault increasing to $1 million.
The LuxAlgo Smart Money Concepts show that Polygon has formed new weekly highs and sits above the equal highs at $0.12. However, a failure to hold above the breached resistance at $0.12 may slow down the rally.