Polygon ($POL) is showing a strong surge in on-chain activity, signaling potential bullish momentum. According to Ali Martinez, a technical and on-chain analyst, key metrics like daily active addresses, transaction volume, and whale activity are all on the rise. Most of the time this is viewed as a positive phenomenon because it demonstrates growing interest and engagement in the market.

#Polygon is experiencing an important spike in on-chain metrics, with daily active addresses, transaction volume, and whale activity. These are all signs of growing interest and market participation, which typically suggest a bullish outlook for $POL. pic.twitter.com/yWVcudubVL

— Ali (@ali_charts) November 19, 2024

Polygon ($POL) Price Up 7.38% as On-Chain Metrics Show Positive Growth

In the last 24 hours, the Polygon has gained 7.38% and is now at $0.4437. The overall on-chain statistics are now on the rise which could indicate that finally the community is gaining interest in the project. Among the activities, whale movement is quite significant, especially when large holders of $POL buy or sell large amounts.

Increased number of transactions and daily active addresses also supports the increased utilization of the Polygon network. These factors indicate that more users are using the platform either to access dApps or through transactions involving $POL tokens.

$POL Continues to Gain Traction, With Analysts Optimistic for Future Growth

These developments are closely monitored by market participants as a continuation of on-chain metrics may bring $POL to new price highs. As the network activity gradually increases the positive trend may be sustained in the coming weeks for Polygon.

The price of Polygon is still on an upward trend, and on-chain metrics suggest that demand is growing, according to Ali Martinez, which may mean that Polygon’s rally is still in its early stages. Buyers and sellers will probably be seeking more evidence of this growth in the next few days as the project remains increasingly popular among traders in the cryptocurrency market. Overall, the recent performance and growing on-chain metrics of $POL suggest the project is entering a bullish phase.