Polygon (POL) 持有者面臨挑戰，81.60% 的人“缺錢”

Polygon [POL] 持有者面臨著充滿挑戰的時期，鏈上數據顯示，截至發稿時，81.60% 的持有者「缺錢」。

Polygon (MATIC) holders have faced trying times, with on-chain data revealing that 81.60% were ‘out of the money’ at press time on 23 February.

Polygon (MATIC) 持有者面臨著艱難的時期，鏈上數據顯示，截至 2 月 23 日發稿時，81.60% 的持有者「缺錢」。

This metric, which tracks the profitability of wallet addresses based on their token purchase prices relative to the current market price, suggests that most holders are at a loss.

該指標根據代幣購買價格相對於當前市場價格來追蹤錢包地址的獲利能力，顯示大多數持有者都處於虧損狀態。

As POL struggles to regain bullish momentum amid bearish market conditions, this data raises the question: is this a sign of capitulation or the groundwork for a recovery?

由於 POL 在看跌的市場條件下努力恢復看漲勢頭，該數據提出了一個問題：這是投降的跡象還是復甦的基礎？

Polygon’s price struggles

Polygon 的價格鬥爭

The ‘In/Out of the Money’ chart from IntoTheBlock painted a stark picture. The dominance of red zones indicated that most holders were underwater, with only a small fraction in profit.

IntoTheBlock 的「資金入/出」圖表描繪了一幅嚴峻的圖景。紅色區域的主導地位表明，大多數持有者都處於水下，只有一小部分利潤。

This imbalance correlated with Polygon’s extended price decline throughout 2024, reflecting broader market trends as well as specific challenges facing the Polygon ecosystem.

這種不平衡與 Polygon 在 2024 年全年價格持續下跌相關，反映了更廣泛的市場趨勢以及 Polygon 生態系統面臨的具體挑戰。

Periods like these often see increased selling pressure as frustrated holders exit their positions, exacerbating the downtrend.

在這樣的時期，隨著沮喪的持有者退出頭寸，拋售壓力通常會增加，從而加劇下跌趨勢。

However, they can also mark a market bottom if long-term investors step in, attracted by the prospect of discounted prices.

然而，如果長期投資者被折扣價格前景吸引而介入，它們也可能標誌著市場底部。

Historically, such high percentages of loss-making holders have sometimes been a precursor to recovery phases.

從歷史上看，如此高比例的虧損持有者有時是復甦階段的前兆。

Technical indicators paint a mixed picture

技術指標的情況好壞參半

The TradingView chart provided further insight into Polygon’s performance. Notably, the 50-day Moving Average (MA) sat above the 200-day MA, reflecting a near-term bullish cross.

TradingView 圖表提供了對 Polygon 表現的進一步了解。值得注意的是，50 日移動平均線 (MA) 位於 200 日移動平均線上方，反映出近期看漲交叉。

However, POL remained below these critical levels, suggesting that momentum was still bearish.

然而，POL 仍低於這些關鍵水平，表明勢頭仍然看跌。

The MACD indicator highlighted a weakening bullish momentum, with the histogram bars showing a potential reversal.

MACD 指標凸顯看漲動能減弱，長條圖顯示潛在反轉。

Meanwhile, the RSI hovered around 59, a neutral zone indicating consolidation rather than strong directional movement.

與此同時，RSI 徘徊在 59 左右，這是一個中性區域，表明盤整而不是強勁的方向性運動。

To regain positive traction, POL must break above resistance levels at $0.50 and $0.55 while maintaining consistent trading volume.

為了重新獲得積極的吸引力，POL 必須突破 0.50 美元和 0.55 美元的阻力位，同時保持穩定的交易量。

A sign of recovery or decline?

復甦還是衰退的跡象？

On-chain activity, as captured by Santiment’s network growth chart, revealed fluctuations in Polygon’s ecosystem engagement.

Santiment 的網路成長圖表捕獲的鏈上活動揭示了 Polygon 生態系統參與度的波動。

Recent spikes in network activity show intermittent interest in the platform, but the declining trend since early November reflects waning user and developer participation.

最近網路活動的激增表明對該平台的興趣時斷時續，但自 11 月初以來的下降趨勢反映出用戶和開發者參與度的下降。

Strong network activity and ecosystem developments are essential for POL to regain footing.

強大的網路活動和生態系統發展對於 POL 重新站穩腳跟至關重要。

Outlook for Polygon

多邊形的展望

Polygon’s current state reflected a difficult phase for its holders and ecosystem. With 81.60% of POL holders at a loss, market sentiment appears bleak.

Polygon 目前的狀態反映出其持有者和生態系統正處於一個困難的階段。由於 81.60% 的 POL 持有者處於虧損狀態，市場情緒顯得黯淡。

However, such conditions have historically served as turning points, offering opportunities for long-term investors.

然而，這種情況在歷史上一直是轉捩點，為長期投資者提供了機會。

POL’s trajectory depends on its ability to reclaim key technical levels and reinvigorate network growth. While the data indicates caution, it also presents a potential setup for recovery if broader market conditions improve.

POL 的發展軌跡取決於其恢復關鍵技術水準和重振網路成長的能力。雖然數據顯示出謹慎態度，但如果更廣泛的市場狀況改善，它也提供了潛在的復甦機會。