Polygon’s payment ecosystem is showing signs of stronger real-world usage, with payment platforms Paxos and Rio reporting significant increases in transaction volume during June.
According to crypto trader Abhinav Sharma, payment activity on the Polygon (POL) network is extending into non-conventional areas, with both networks recording their best performance for the month.
Payment volumes on the Paxos network increased from $259 million in May to $579 million in June, reflecting an increase of $320 million or 123%. Payment volumes on Rio also increased from $147 million to $281 million, reflecting a 91% increase.
Source: X
In total, they managed to process $406 million worth of transactions in May and $860 million in June. The increase in total, amounting to $454 million, indicates that there are more payments processing on the Polygon network and increased blockchain transactions for reasons other than earning profits.
Source: X
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POL Price Struggles Despite Early Momentum Signals
While the improvement in network transactions has been seen, market performance for POL is still experiencing issues.
Data from TradingView reveals that the token has maintained a downtrend in the long run, trading at $0.0768. The POL price has been declining for some time following its last record high of above $0.60 in late 2024.
Lower lows and higher highs continue to appear on the chart, which suggests that the sellers remain in charge of the prevailing trend. The most recent weekly candle closed up by around 3.3% but did not change the prevailing trend yet.
Source: TradingView
Traders do not see any attempt by buyers to push the price above important resistance areas, which explains their caution. In the Ichimoku Cloud indicator, the current price is under both Tenkan-sen ($0.0869) and Kijun-sen ($0.1021), which have become resistance levels.
MACD Shows Possible Recovery Signs
Even amid the general downtrend, there are some improvements in the momentum oscillators. There is a bullish crossover in MACD, where the MACD oscillator and signal lines have crossed, and the histogram is positive.
There is some reduction in selling pressure as buyers start to return, but the momentum remains low as the MACD approaches zero. The current price of POL is oscillating at levels of $0.07-$0.08.
Source: TradingView
Critical Levels to Watch for POL
The near-term support level for POL lies at $0.070 to $0.075. If it manages to hold above this level, then it may avoid another decline; failing to do so may push it lower.
The near-term resistance level lies between $0.087 and $0.102. Breaking above them will increase near-term optimism. However, for it to demonstrate that the long-term downtrend is losing momentum, it must enter the $0.12 to $0.18 Ichimoku Cloud zone.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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