POL, the rebranded version of Polygon's native token MATIC, is showing strong bullish momentum as it prepares for its next leg up

Over the past week, POL has climbed nearly 30%, signaling the start of a renewed uptrend. After hitting a recent low of $0.1533, the token rebounded sharply

In a whirlwind week that saw a nearly 30% climb, POL, the rebranded version of Polygon’s (CRYPTO: MATIC) native token, is showing strong bullish momentum as it prepares for its next leg up.

After hitting a recent low of $0.1533, the token has rebounded sharply, now aligning with the overall bullish sentiment sweeping across the crypto market.

At the time of writing, POL is trading at $0.2481, with a 24-hour trading volume of $187.9 million and a market capitalization of $2.57 billion.

The recent price action follows several weeks of tight consolidation, during which the token gradually built up pressure before finally breaking out.

This breakout has been fueled in part by Bitcoin’s (CRYPTO: BTC) rally past $94,000, which has triggered a fresh wave of optimism among investors.

As BTC continues to set new records, altcoins like POL are benefitting from the renewed market enthusiasm.

Technical Analysis: A Breakout From Descending Channel Confirms Uptrend

Analyst ZAYK Charts notes that technical indicators are setting up in favor of further gains for POL. A breakout from a descending channel pattern has been confirmed, signaling that the token is entering a new upward phase.

This pattern, formed by two converging lines on the chart, usually acts as a strong reversal signal and adds credence to the recent price surge. Short-term resistance is now seen at the $0.36 level, where a fib level provides resistance.

However, a broader outlook suggests that the token could be setting sights on a more substantial recovery.

Javon Marks, a crypto analyst, has identified the confirmation of a regular bullish divergence on the charts. This pattern, which typically precedes significant trend reversals, suggests the potential for a larger rally in the token.

If momentum continues to build, the token could be setting sights on a long-term recovery toward the $1.30 zone, representing a move of over 395% from recent lows.

Looking Ahead: Altcoins in Focus Amid Market Recovery

With technical patterns aligning and market sentiment favoring risk-on assets, POL appears well-positioned for continued growth.

As attention shifts toward altcoins, the token may emerge as one of the key performers in the coming weeks, especially if Bitcoin manages to sustain its recent gains.