Polygon Team Selling Pressure Weighs on Altcoin Price

Polygon's price has been on a downward trend after facing rejection at $0.78 and falling to $0.753, indicating a shift in sentiment.

The altcoin's trading volume climbed 18% to $35 million, largely driven by sell-side activity, as Polygon team wallets have been aggressively selling POL.

According to Nazoku, the Polygon team has deposited 18 million POL worth $1.36 million into FalconX, with an average price of $0.0755 per token.

The Exchange Supply Ratio on CryptoQuant climbed from 0.000379 to 0.00042 and remains elevated, historically a sign of weakening market momentum and potential price pullback.