Polygon (POL) has been struggling in terms of price performance, but POL Network continues to thrive.
According to CoinMarketCap data, the number of POL holders increased from 138,000 to 245,000 in just one month, representing more than 107,000 new wallets, which equates to a 78% increase.
This was a clear bullish signal, as it indicated that the community was expanding although this was not reflected in POL’s price action.
This increase was driven by the significant rise in on-net payments and the expansion of the agent economy.
For example, MCryptocurrency card volume alone rose more than 122%, reaching a record high with fifteen days left in July. More than $30.5 million has been processed so far, compared to $13.69 million in June.
Overall, Polygon has moved more than $2.6 trillion in stablecoins since its inception. That’s more than every actual dollar bill and coin in the United States.
Moreover, the AI economy has contributed to the increase in the number of wallets. Polygon CEO Sandeep Nailwal confirmed building 13 projects using AI, with one of them already settling real transactions across 5 chains.
A look at POL use and whale activity!
In terms of network usage, Polygon ranked among the top eight chains in terms of daily DEX trading volume, coming in sixth place with $433 million recorded.
However, whale activity was high on the negative side. A Pisces made four deposits A total of 14 million POL worth $1.17 million to Binance. The portfolio no longer holds any POL after fully exiting the position, indicating that the selling pressure from this whale has ended.
Is POL price in recovery mode?
Polygon’s price appears to be on the rebound as it has been rising since the beginning of July. POL respects trend line support, perhaps due to high grid usage. It even broke the major resistance level at $0.8200.
However, failure to hold above the technical structures of POL price may reverse and the breakout is considered a fake breakout. Demand levels that could prevent a full rebound to $0.68 were at $0.78-0.80, $0.75, and $0.73.
Final summary
- Polygon’s user count rose 78% amid a significant rise in on-net payments and AI integration.
- POL has been rising since the beginning of July, but it is only sustainable if the price can stay above the technical structures that have been formed.
