Polygon Team Dumping POL into Exchanges, Price Faces Downside Momentum

Polygon's POL token has faced rejection at $0.78 and is trading at $0.757, down 2.46% on the daily charts.

The altcoin's trading volume climbed 18% to $35 million, largely driven by sell-side activity, as market participants are dumping POL into exchanges.

The Polygon team has been aggressively selling POL, depositing 18 million tokens worth $1.36 million into FalconX with an average price of $0.0755.

This has led to a surge in exchange supply, which is historically a sign of weakness for the market and often leads to price pullbacks.