Polygon's Price Plummets 9%, Risks Falling Below Key Support Level

Polygon's price has plummeted by 9%, breaching its crucial support level of $0.1 and falling to a low of $0.093.

The altcoin is under intense selling pressure, with trading volume surging 54.8% to $87.6 million, indicating increased activity on the sell side as investors reduce their exposure.

On the derivatives market, sellers are even more aggressive, with Polygon Perpetuals recording 46.79 million in sell volume compared to 43.2 million in buy volume.

The altcoin's MACD has formed bearish pressure, falling to 0.007, confirming weakening bullish momentum, while its ADX DI also continued to decline, falling to 35.