Key Insights
- Polygon’s price action has been sluggish so far, compared to other cryptocurrencies on the market.
- The cryptocurrency’s price failed to react to the switch from MATIC to Polygon in September of last year.
- However, under the hood, the whales withdrew massive amounts of POL from exchanges, and might be ready for a major price push.
- Price predictions for the year show a max target above the $3 mark for Polygon, as well as a minimum high of $2.45.
Polygon surged between 5 November and 3 December of last year, bringing its investors massive profit as it surged from $0.29 to $0.77.
However, despite this momentum, the cryptocurrency has declined once again, and is trading at a current price of $0.48.
This shows that a comeback for $POL hasn’t quite happened yet, and investors may have to wait a bit longer.
But what does on-chain activity for this cryptocurrency show, and when can investors expect a push towards $1, or even an explosion towards the $10 mark?
Let’s see what Polygon has been up to so far.
Whale Accumulation Drives Optimism
The $POL cryptocurrency used to be known as MATIC.
This migration happened on 4 September of last year, in what many expected to be a bullish move by the crypto community.
However, Polygon’s reaction was underwhelming at best, with the cryptocurrency’s value falling from $0.45 to $0.29 over the next few months.
However, despite this decline and the ongoing sluggishness on Polygon’s charts, data from CryptoQuant shows a strong decline in MATIC exchange reserves, right around the time of this switch from MATIC to POL.
This indicates that while the price failed to react to this massive shift in POL’s fundamentals, the whales made moves behind the scenes.

CryptoQuant data also shows that addresses holding between 1 million and 10 million POL increased their balances from around 200 million to nearly 400 million as of 18 January.
This means that this cohort of investors bought around 200 million worth of the cryptocurrency, which is worth over $80 million at current market prices.
The surge in whale activity is also an indication that large investors are confident in the cryptocurrency’s long-term potential.
What Do The Charts Say?
According to the charts, POL currently trades within a falling wedge formation, and has been stuck within this range since February of 2023.
The cryptocurrency attempted a breakout from this formation in March of last year, eleven months after entering the formation in the first place as shown below:

Another rejection occurred at the top trendline of this formation in December of last year, leading to the ongoing plunge towards the underside.
As illustrated, Polygon is currently showing support around the $0.41 price level, and could use this zone as leverage to retest the upper trendline of this formation once again:
Especially if the general market continues to present bullish momentum over the next few months.

If $0.41 does turn out to be Polygon’s major support zone, the bulls could push prices upwards toward the $0.52 resistance, where the cryptocurrency will have another chance to continue upwards to $0.63.
Additionally, the cryptocurrency’s correlation to Ethereum could be another issue for its price action.
If a break below $3,300 occurs for Ethereum, Polygon could follow suit and attempt to dart below the $0.41 support.
Polygon’s Price Outlook For 2025.
Despite its sluggishness in terms of price, Polygon’s outlook for 2025 remains promising.
AI predictions from CoinCodex point towards a minimum high of $2.68 for the year, with a maximum price target of $3.13 (more than a 500% price increase).
Average price targets for the cryptocurrency also sit at $2.45, where increased adoption might cause a possible tripling of these price targets.

CoinCodex also shows a possible push towards the $0.51 zone for Polygon over the next month, with even more bullishness expected at $2 over the next three.