The altcoin season is in full swing, with top players seeing significant increases. One of them is Polygon, which is growing steadily in key metrics. Owing to its recent growth, the POL token has surpassed a key resistance level, suggesting more price increases in the near future.
On Wednesday, March 25, Polygon reached a daily high of $0.2463, registering a 10.45% price increase in just 24 hours. This compounded to a weekly price increase of 15%, bringing the price of POL into the top 40 crypto assets with a market cap of $2.47 billion.
Thanks to this rally, the Polygon price has surpassed the resistance level by nearly $0.2. This level corresponds to the upper boundary of a narrowing wedge that started forming since the bull run late last year. This move suggests a potential reclaiming of the $1 level seen in March last year.
If the current bullish market sentiment continues, the Polygon price is in a good position to reclaim these levels. Notably, growth in key metrics, alongside high-profile partnerships, is increasing investor confidence in the chain.
Polygon Sees Growth in Key Metrics
The recent price performance followed significant growth in key metrics for the Polygon chain. For one, the chain recently overtook Base in terms of the number of addresses holding USDC stablecoin. Currently, over 914k Polygon addresses hold USDC, compared to 639k on Base.
This ranks Polygon second after Solana, which has 1.39 million USDC addresses. Furthermore, the chain has experienced major growth since the third quarter of last year, when it was only in sixth place in that metric.
Institutional partnerships are also inspiring investor confidence. Last week, Stripe integrated the Polygon network into its payments platform. This integration enables businesses to accept USDC payments through the Polygon chain and Ethereum and Solana.
Still, a relatively small ecosystem leaves significant room for growth. The network’s total value locked (TVL) trails most other chains. At $765.49 million, Polygon’s network represents just 0.76% of all chains’ TVL, which is lower than the TVL of Bearchain, Base, Arbitrum, and Sui. POL will have to attract more projects to its network to challenge the giants.
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