Polygon (POL) Price Prediction: Can POL Bounce Back to $0.57 as Whale Supply Shifts?

Polygon [POL] recently underwent a major upgrade which changed the token's name along with several other new updates.

.57 as Whale Supply Shifts?" >

While most cryptocurrencies basked in the broader market’s bullish sentiment, a gloomy September unfolded for Polygon (POL) despite initial optimism.

POL price action diverged from the uptrend, closing the month in the red. At the time of writing, POL was trading at $0.38, down 5.6% on the day and 70% below its 13th March all-time high.

However, the price action was starkly contrasting Bitcoin and several altcoins, which registered decent gains in a month that is usually plagued by negative returns.

According to data from IntoTheBlock, up to 95% of token holders are sitting on unrealized losses. Of these holders, 81% have owned the token for a year, during which POL has shed 37% of its value.

The upgrade marks a crucial step in Polygon’s roadmap and includes three Polygon Improvement Proposals (PIPs)—PIP-30, PIP-36, and PIP-45.

PIP-30 increased the maximum code size from 24KB to 32KB, enabling dApp builders to execute more complex contract deployments and logics. PIP 36 addressed the issue of stuck bridge transactions by making it possible to replay failed state syncs.

On the POL/USDT 4-hour chart, the Relative Strength Index bounced slightly from the oversold zone it touched on Monday before crashing again. The RSI reading stood at 30.61 at the time of writing.

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