Polygon (POL) 持有者面临挑战，81.60% 的人“缺钱”

Polygon [POL] 持有者面临着充满挑战的时期，链上数据显示，截至发稿时，81.60% 的持有者“缺钱”。

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) 持有者面临着艰难的时期，链上数据显示，截至 2 月 23 日发稿时，81.60% 的持有者“缺钱”。

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.

该指标根据钱包地址相对于当前市场价格的代币购买价格来跟踪钱包地址的盈利能力，表明大多数持有者都处于亏损状态。

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?

由于 POL 在看跌的市场条件下努力恢复看涨势头，该数据提出了一个问题：这是投降的迹象还是复苏的基础？

Polygon’s price struggles

Polygon 的价格斗争

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“资金入/出”图表描绘了一幅严峻的图景。红色区域的主导地位表明，大多数持有者都处于水下，只有一小部分利润。

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

这种不平衡与 Polygon 在 2024 年全年价格持续下跌相关，反映了更广泛的市场趋势以及 Polygon 生态系统面临的具体挑战。

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

在这样的时期，随着沮丧的持有者退出头寸，抛售压力通常会增加，从而加剧下跌趋势。

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

然而，如果长期投资者被折扣价格前景吸引而介入，它们也可能标志着市场底部。

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

从历史上看，如此高比例的亏损持有者有时是复苏阶段的前兆。

Technical indicators paint a mixed picture

技术指标的情况好坏参半

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 图表提供了对 Polygon 表现的进一步了解。值得注意的是，50 日移动平均线 (MA) 位于 200 日移动平均线上方，反映出近期看涨交叉。

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

然而，POL 仍低于这些关键水平，表明势头仍然看跌。

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

MACD 指标凸显看涨势头减弱，柱状图显示潜在反转。

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

与此同时，RSI 徘徊在 59 左右，这是一个中性区域，表明盘整而不是强劲的方向性运动。

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

为了重新获得积极的吸引力，POL 必须突破 0.50 美元和 0.55 美元的阻力位，同时保持稳定的交易量。

A sign of recovery or decline?

复苏还是衰退的迹象？

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

Santiment 的网络增长图表捕获的链上活动揭示了 Polygon 生态系统参与度的波动。

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

最近网络活动的激增表明对该平台的兴趣时断时续，但自 11 月初以来的下降趋势反映出用户和开发者参与度的下降。

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

强大的网络活动和生态系统发展对于 POL 重新站稳脚跟至关重要。

Outlook for Polygon

多边形的展望

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 目前的状态反映出其持有者和生态系统正处于一个困难的阶段。由于 81.60% 的 POL 持有者处于亏损状态，市场情绪显得黯淡。

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

然而，这种情况在历史上一直是转折点，为长期投资者提供了机会。

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 的发展轨迹取决于其恢复关键技术水平和重振网络增长的能力。虽然数据显示出谨慎态度，但如果更广泛的市场状况改善，它也提供了潜在的复苏机会。