Polygon’s POL Token Sees Extraordinary gains Amid New Initiatives and NFT Demand
On April 25, Polygon’s POL token celebrated its fifth consecutive day of growth, breaking a long-term downtrend. The ecosystem’s momentum and NFT demand have significantly boosted its performance.
According to crypto.news, POL surged nearly 20%, reaching an intraday high of $0.26. This pushed its weekly gains to 34%, marking a 70% rebound from its monthly lows. POL’s market cap now stands at $2.15 billion.
Trading activity has spiked, with POL’s 24-hour volume increasing by 270% to over $340 million. This suggests strong buying pressure. Additionally, interest in POL futures has risen, with open interest climbing 25% to $107 million.
The surge is linked to the launch of the Agglayer Breakout Program. This initiative supports early-stage blockchain startups with funding and resources. POL stakers will receive token airdrops ranging from 5% to 15% of a project’s token supply.Projects like Privado ID and Miden are preparing their own drops.
NFT demand on Polygon has also increased. In the seven days leading up to April 22, NFT sales reached $22.1 million, surpassing Ethereum. Over the past week, 47,592 people bought NFTs on Polygon, a 62% increase.
Technical analysis shows POL breaking above a long-term descending pattern. A golden cross has formed, and momentum indicators are bullish. Analysts predict further upside, with targets ranging from $0.241 to $0.768.
