Polygon Token Forming Double Bottom Pattern Amid Altseason Rally

Polygon’s native token, POL, has recently shown signs of forming a classic double bottom reversal pattern, signaling a potential end to its prolonged consolidation phase. The structure, which took shape between May and July, features two distinct lows near the $0.18 and $0.20 levels. These lows established a strong support base that helped halt the token’s downtrend. The price has since climbed toward the neckline of this pattern, currently hovering between $0.22 and $0.23 [1].

Analysts have pointed out that this price structure could mark the beginning of a new bullish phase for Polygon, particularly as it aligns with the broader altseason rotation. As Bitcoin’s dominance begins to wane, capital is reportedly shifting toward Ethereum-based assets, with Layer 1 projects like Polygon gaining renewed attention [2]. CryptoBusy, a well-known crypto analyst, outlined a three-phase structure for POL, suggesting the token is now entering the third phase—expansion. According to this view, POL has already moved through hype, correction, and accumulation, with a breakout above $0.23 seen as a key confirmation of the uptrend [3].

A decisive move beyond the neckline—accompanied by strong volume—could transform resistance into support, validating the bullish price structure. If this breakout occurs, it may signal the start of a larger rally, with price targets ranging from $0.30 to potentially $1 over time [4]. At the moment, POL trades at $0.2385, representing a 9.21 percent increase in the past 24 hours and an 8.29 percent weekly gain, indicating steady buying pressure [5].

The timing of this potential reversal is considered favorable, as broader market sentiment is shifting toward utility-driven projects with strong real-world applications. Polygon’s role in enhancing Ethereum’s scalability through its Layer 2 solutions has been highlighted as a key factor in its renewed appeal. Traders and investors are now watching for a strong volume-based breakout above $0.23 to confirm the structural shift [6].

While the pattern does not guarantee a sustained upward move, it suggests a meaningful change in market sentiment. If POL can maintain momentum above the neckline, it may trigger a more extended bullish cycle, aligning with the ongoing altseason rotation [7]. The coming days will be critical in determining whether this reversal pattern leads to a meaningful price expansion or if it will face rejection at key levels.

Source:

[1] Polygon Price Forms Reversal Pattern as Altseason Rotation Begins, https://blockonomi.com/polygon-price-forms-reversal-pattern-as-altseason-rotation-begins/