Polygon's POL Faces Selling Pressure as Team-Linked Wallets Dump 18M Tokens

Polygon's POL has been facing a tough time in the market, with the altcoin failing to break above $0.78. The recent rejection has led to two lower lows, with POL falling to $0.753.

The selling pressure has been driven largely by sell-side activity, with trading volume climbing 18% to $35 million. However, a closer look at the data reveals that Polygon's team-linked wallets have been aggressively selling POL, depositing 18 million tokens worth $1.36 million into FalconX.

This has raised concerns about dumping in the market, with bears dominating the market sentiment. The altcoin's exchange supply ratio has surged substantially, from 0.000379 to 0.00042, indicating a weakening of the market.

The technical indicators are also pointing towards a bearish trend for POL. The Stochastic Momentum Index (SMI) has formed a bearish crossover and fallen to 47, while the Relative Strength Index (RSI) has dropped from 57 to 50.