POL Surges 16% In Week, NFT Market Outpaces Ethereum

Generated by AI AgentCoin World
Tuesday, Apr 22, 2025 11:41 am ET1min read
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POL, the digital currency formerly known as MATIC, has experienced a significant surge in value, with bulls driving a short-term rally that began on April 18. The token's price has increased by over 16% in the last seven days, reaching a value of $0.214 at the time of writing. This rally has positioned POL among the top ten gainers of the week, with a market capitalization of $2.22 billion.

In the last 24 hours alone, POL has seen an almost 9% increase in value, indicating strong buying pressure. However, the sustainability of this rally is uncertain, as the token is trading slightly above its 50-day simple moving average (SMA) of $0.212, but significantly below its 200-day SMA of $0.371187. This suggests a persistent long-term downtrend, despite the recent short-term gains.

Crypto analyst RLinda noted that POL is currently in a counter-trend rally within a broader downtrend, approaching a key liquidity zone between $0.228 and $0.2438. This zone may act as resistance, potentially leading to a correction or reversal. RLinda warned that despite Bitcoin’s local gains, the overall crypto market remains weak, and POL’s movement could be seen as a liquidity grab before resuming the downtrend.

Key resistance levels to watch are $0.2284, $0.2438, and $0.2465, with support at $0.2061 and $0.1929. These levels will be crucial in determining the future direction of POL’s price movement.

POL’s recent momentum has also been influenced by the non-fungible token (NFT) sector’s activity. POL’s NFT market has surged, outpacing Ethereum for the first time. According to data, POL recorded $22.1 million in NFT sales in the week ending April 22, edging out Ethereum’s $21.8 million. The network also led in buyer numbers, with 39,027 unique buyers, an 81.61% increase compared to Ethereum’s 36,544.

The surge in POL’s NFT market was largely fueled by Courtyard, a real-world asset (RWA) project integrating NFTs, which generated $20 million in weekly sales, including $2.746 million on April 22 alone. This project has significantly contributed to POL’s recent gains and its outperformance in the NFT sector.