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Cryptocurrency News Articles
Polygon (POL) Bulls Charge After Ahmedabad Hardfork, but Exchange Inflows Raise Caution
Sep 28, 2024 at 03:00 am
Polygon's [POL] recent upgrade, the Ahmedabad hardfork, is creating excitement as it successfully launched on the mainnet. With the implementation of
Polygon's [POL] recent mainnet upgrade, the Ahmedabad hardfork, is generating buzz with its successful launch.
The critical protocol enhancements, implemented through PIP-30, PIP-36, and PIP-45, aim to expand contract sizes from 24 KB to 32 KB and enhance plasma bridge efficiency.
At press time, POL trades at $0.4346, up 3.88% in 24 hours, indicating a positive market response to these upgrades. Will these improvements spur sustained growth, or is the market enthusiasm fleeting?
Active addresses surged by 20.59% in 24 hours, reaching 2,112, indicating heightened network engagement.
Meanwhile, transaction counts soared by 79.78%, with 2,910 transactions recorded in the past day, according to CryptoQuant.
This surge in activity showcases the network's enhanced usability and scalability, which has encouraged greater participation and stimulated substantial network growth.
On the other hand, exchange netflow reveals a more cautious outlook. Net deposits to exchanges soared by 4,693.89%, with 59,628.38 POL flowing into exchanges at press time, according to CryptoQuant.
This influx signals potential selling pressure, as large deposits often precede significant sell-offs.
It appears that some investors are preparing to sell their holdings following the recent price surge. This suggests that caution is advised in the coming days, as selling pressure may escalate, impacting the token's short-term performance.
Notably, the long/short ratio adds another layer of complexity to the situation. Currently, 57.93% of traders are short, while only 42.07% are long.
This disparity highlights a bearish bias among market participants, despite the bullish on-chain activity.
The market sentiment suggests uncertainty, and traders may be hedging their positions in anticipation of a potential price correction.
The Ahmedabad hardfork has certainly elicited a positive response for Polygon, with a surge in active addresses, transactions, and price, indicating strong fundamental growth.
However, with significant exchange inflows and bearish sentiment in the futures market, caution is still warranted.
The bulls appear to hold the upper hand, but investors should remain vigilant, as a short-term correction could still be on the horizon.
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