- On April 20, the Polygon (POL) price soared by around 5% on a daily chart, soaring its value above $0.095 before facing a small correction.
- While the crypto market is giving mixed signals, the POL token is likely to face some downward pressure in the upcoming trading sessions.
- Recently, the network has launched sPOL, which is Polygon’s new liquid staking token that allows users to stake their POL and still use it in DeFi applications.
While most altcoins stayed stable, the Polygon (POL) price witnessed a spike of around 5% on a daily chart today, thanks to positive sentiment across the crypto market.
On Monday, the Polygon (POL) price shot up above $0.0955 with 5.13% surge in an intraday session. However, at the time of writing, the cryptocurrency is facing a small correction and has returned around $0.0927 with a market capitalization of $985.96 million, according to CoinMarketCap. The daily trading volume is also revolving around $69.95 million.
sPOL Launch Improves Capital Efficiency on Polygon Network
There are various factors and developments behind the surge in the POL’s price.
One of the major reasons that boosted the network activity is the successful launch of sPOL on April 14. sPOL is Polygon’s new liquid staking token that allows users to stake their POL and still use it in decentralized finance applications without locking up funds.
The upgrade has already unlocked approximately $330 million in previously idle staked capital. This extra liquidity allows holders to earn staking rewards while lending, borrowing, or trading the token on decentralized platforms. This upgrade has directly increased the demand for POL and improved capital efficiency around the entire crypto market.
In the first quarter of 2026, the network recorded 711 million transactions, which is around a 49% increase from the previous quarter. According to DeFiLIama, the stablecoin supply on the Polygon network has increased by around two times to $3.6 billion. Apart from this, the daily transactions have grown more than 300% over the last year.
Polygon has recently rolled out upgrades, including the Giugliano hard fork, faster finality times, and the live AggLayer that helps it to connect more chains.
Polygon (POL) Price Likely to Face Bearish Pressure
On the daily chart, POL is following a short-term rising channel after bouncing from the $0.082 support zone. The current price suggests that it has soared above the 50-day simple moving average of around $0.093. However, the POL price is still below the 200-day simple moving average at $0.130. It means that the cryptocurrency is likely to follow a neutral to bearish trend in the long-term timeframes.
According to the TradingView price chart, the Relative Strength Index on the 14-day timeframe is sitting at around 54. It means that the cryptocurrency is in a neutral zone without entering into overbought or oversold territory. However, there is still space for upward momentum if buyers take place in the upcoming trading sessions.
There is a major support zone at around $0.086 to $0.081. If the cryptocurrency falls below this level, then it might see a major correction. On the other hand, there is a major resistance level at around $0.094. If the cryptocurrency soars above this level, there is a major resistance level at around $0.100.
Crypto Market Gives Mixed Signals Despite Bitcoin (BTC) Price Rise
The cryptocurrency market is giving mixed signals today. Last week, the Bitcoin (BTC) price soared above $77,000. On April 20, the biggest cryptocurrency faced a small correction and is currently trading at around $76,235 with a market capitalization of around $1.52 trillion.
According to the data, Bitcoin ETFs recorded $996.38 million in weekly net inflows for the week ending April 17, 2026, their third consecutive week of positive flows.
At the same time, the $293 million Kelp DAO hack over the weekend has damaged the decentralized finance sector. In just 48 hours, DeFi platforms lost more than $13 billion in total value locked (TVL). Aave alone saw $8.45 billion dollars pulled out as users rushed to withdraw their funds. The hack has sparked fear among investors despite the rise in Bitcoin’s price.
Also Read: Hyperliquid Price Drops 5% as DeFi Hit by Kelp DAO Hack
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