POL (POL) Bulls Continue to Drive the Token's Short-Term Rally

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.

The bulls are in control of POL (POL) as the token continues its short-term rally that began on April 18. The price is now in double-digit percentage gains on the weekly time-frame.

At the time of writing, POL (formerly MATIC) is trading at $0.214, up over 16% in the last seven days. The digital currency has also seen an influx of buying pressure, pushing the market cap to $2.22 billion.

However, the bulls’ strength is needed to offset the token’s dominant bearish technical sentiment, which could undermine the sustainability of this run.

Still, POL is trading slightly above its 50-day simple moving average (SMA) of $0.212, showing modest short-term strength. But it remains significantly below the 200-day SMA of $0.371187, indicating a persistent long-term downtrend.

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.

“We might be seeing a classic case of a false breakout, setting up a correction or reversal,” the expert stated.

Despite Bitcoin’s (BTC) local gains, the crypto market remains weak, with POL’s movement being seen as a liquidity grab before resuming the downtrend, she added.

Key resistance levels to watch are $0.2284, $0.2438, and $0.2465, while support is at $0.2061 and $0.1929.

The heat of NFTs

The momentum appears to have been partly fueled 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.