Polygon price wedge points to more gains as addresses jump

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Polygon price has crawled back in the past few days as the number of active addresses on the chain rises.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Polygon rose to an intraday high of $0.2460, its highest level since March 9 and 24% above its all-time low. Polygon’s rebound is mostly because Bitcoin and many other altcoins have bounced back in the past few days. It also coincides with growth in on-chain activity. According to Nansen, the number of active addresses on the network rose by 13% over the last seven days to 2.34 million. Transaction volume also edged higher to 20.7 million.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Additional data from DeFi Llama shows signs of stabilization in Polygon’s decentralized finance ecosystem. The total value locked on the network rose by 5.7% in the last week to $719 million. The daily chart shows that the POL price peaked at $0.7687 after its conversion from MATIC and then crashed to a low of $0.1900 this month. The coin has formed a bullish divergence pattern as the Relative Strength Index and the MACD indicator have pointed upwards. The coin has also moved above the upper side of the falling wedge pattern. As such, Polygon’s price is likely to continue climbing, with bulls eyeing a retest of the key resistance at $0.2854.