Polygon adds 107K holders in a month – What’s holding POL price back?

Polygon [POL] has been struggling in terms of price performance, but POL’s network continues to thrive.

As per CoinMarketCap data, POL holders grew from 138K to 245K in just one month, representing more than 107K new wallets, which is equivalent to a 78% increase.

This was a clear bullish signal, as it indicated that the community was expanding even though it did not reflect in POL’s price action.

Such a surge was driven by a spike in payments on the network and an expanding agentic economy.

For instance, Monthly Crypto Card Volume has already surged more than 122%, hitting a record high with fifteen days remaining in July. Over $30.5 million has been processed so far, compared to $13.69 million in June. 

Overall, Polygon had moved more than $2.6 trillion in stablecoins since inception. That is more than every physical dollar bill and coin in the US.

Moreover, the AI economy contributed to an increase in the number of wallets. The CEO of Polygon, Sandeep Nailwal, confirmed the building of 13 projects with AI, where one is already settling real transactions across 5 chains.

A look at POL’s usage and whale activity!

In terms of network usage, Polygon ranked among the top eight chains by daily DEX volume, placing sixth with $433 million recorded.

However, whale activity was high on the negative side. A whale made four deposits totaling 14 million POL worth $1.17 million to Binance. The wallet no longer holds any POL after fully exiting the position, indicating selling pressure from this whale is over.

Is POL price in recovery mode?

Polygon seems to be in recovery as it has been rising since the start of July. POL is respecting a trendline support, potentially due to the high network usage. It has even broken above a key resistance at $0.8200.

However, failure to hold above the technical structures POL price may reverse and deem the breakout a fakeout. The demand levels that could prevent a full retracement to $0.68 were at $0.78-0.80, $0.75, and $0.73.

Final Summary

• Polygon users grew by 78% amid a spike in payments on the network and AI integration. 
• POL has been rising since the start of July, but it’s sustainable only if the price can stay above the technical structures formed.