Markets, Polygon, News POL surged in early U.S. trading amid above-average volume, but selling pressure capped gains.
Polygon (POL) rose 9% in early U.S. morning trading hours from $0.206 to $0.225 before selling emerged in the afternoon, CoinDesk Analytics data shows.
The token saw significant volatility overnight as volume surges to 708,489 and 804,401 units, crushing the 24-hour average of 410,606, before heavy selling pressure emerged, establishing critical resistance for near-term action.
POL is currently trading at $0.221, up about 3% over the past 24 hours. It is outperforming the broader market as tracked by the CoinDesk 20 Index, which is down about 2.4% over the same period.
The token is down more than 90% from its all-time high of $2.92 in December 2021 even as other cryptos such as bitcoin (BTC) and XRP have surged to new highs recently.
Polygon is currently focusing on scaling AggLayer, an application that helps users connect to other blockchains, in addition to advancing payments and real-world assets tools, its CEO and co-founder Sandeep Nailwal, told Bloomberg in an interview recently.
Nailwal was appointed CEO of the foundation in June with the goal to strengthen its strategy in order to compete with other projects.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More