POL (POL) bulls continue to drive the token’s short-term rally that began on April 18, pushing the price higher and achieving double-digit percentage growth on the weekly timeframe.
At the time of writing, POL (formerly MATIC) was valued at $0.214, up over 16% in the last seven days.
In the last 24 hours, the digital currency has increased by almost 9%. These returns have elevated POL into the top ten gainers of the week. The asset has also seen an influx of buying pressure, pushing the market cap to $2.22 billion.
POL’s technical outlook
However, the bulls’ strength is needed to offset POL’s current dominant bearish sentiment, which could undermine the sustainability of this run.
To this end, the token is trading slightly above its 50-day simple moving average (SMA) of $0.212, showing modest short-term strength. However, it remains significantly below the 200-day SMA of $0.371187, indicating a persistent long-term downtrend.
Meanwhile, on April 22, crypto analyst RLinda noted that POL is in a counter-trend rally within a broader downtrend, approaching a key liquidity zone ($0.228–$0.2438) that may act as resistance.
She warned of a potential false breakout, which could lead to a correction or reversal. The expert stressed that despite Bitcoin’s (BTC) local gains, the crypto market remains weak, with POL’s movement 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.
POL outshines Ethereum in NFT sales
Meanwhile, POL’s momentum appears to have been partly influenced by the non-fungible token (NFT) sector’s activity. In this case, POL’s NFT market has surged, outpacing Ethereum (ETH) for the first time.
According to CryptoSlam 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 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.
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