- U.S. GDP data is published on multiple blockchains
- The Polygon price momentum targets the mark around $0.29.
- Institutional players are making the Polygon market increasingly active.
Polygon is now hosting U.S. GDP data after the Commerce Department began publishing statistics across multiple blockchains. This move boosts adoption momentum as technicals forecast a $0.29 price target for its native token (POL).
American Data Goes Blockchain
The Department of Commerce, U.S. has recently started to publish GDP data in blockchains. The officials explain that the purpose is to enhance the security and visibility of this data. Hence, they will remain inaccessible and corruption free.
Data was dropped on a few chains, which include Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
The U.S. Secretary of Commerce Howard Lutnick stated that the initiative is an epic move of innovation. He also stated that the U.S is leading in terms of blockchain adoption, as it displays one of the strongest growth figures.
Polygon Builds Bullish Momentum
Analysts have been watching Polygon flex on the chart with a surprisingly consistent resilience around major levels. The Fib retracement lines indicate a support near $0.24 and $0.25 while eyeing the $0.29 price level. VWAP is at approximately $0.251. This means that even when price is somewhat unpredictable, buyers are secretly building momentum.
Traders have been monitoring the token because it has remained slightly above the aforementioned zones. Any momentum beyond the $0.29 level may trigger a run towards higher price levels. In cases where prices fall, the $0.24 level may serve as an effective safety net.
Source: TradingView
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Momentum Indicators Show Optimism
The momentum indicators are also inclined towards optimism. RSI is close to 53, thus, there is room for the coin to keep moving upwards. The MACD lines, though becoming thin, is a pointer of a looming change that may favor the bulls.
Both indicators remain within the neutral zone, but the trend is more of a spring about to jump than a fading trend.
Source: TradingView
Derivatives Show Promising Signs
Recent activity of Polygon on the derivatives is quite promising. According to Coinglass, the futures open interest has surged 6.75% to approximately $119.95 million.
On the charts, POL sat between $30 million and $150 million from March to August. It experienced some spikes beyond this level though every time the token becomes extremely volatile. The fact that institutions are continuing to invest in this token is evidenced by the green trend line in the charts.
Volume is well up in the chart as well, rising by 130.29% to $213.47 million. The token has previously pushed above $400 million. Such surges indicate the presence of a high number of people entering the market.
That is why traders believe $0.29 is achievable for POL, even though it can still experience a crazy roller-coaster ride.
Source: Coinglass
