Polygon's POL Drops 6% as Inflation Shock Leads to Heavy Selling
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Polygon's POL Drops 6% as Inflation Shock Leads to Heavy Selling

The token's struggle at $0.26 aligns with a broader downturn in the crypto market, which saw the CoinDesk 20 Index decrease by 4%.

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Polygon’s POL token fell 6% on Thursday, dropping below key support levels as unexpected inflation data from the U.S. rattled market sentiments.

Key Highlights

  • POL’s value slid to $0.24 after testing the $0.26 resistance level, leading to a surge in trading volumes exceeding 1.1 million — well above its average.
  • During the same timeframe, the CoinDesk 20 Index experienced a 4% decrease, with investors engaging in profit-taking across several cryptocurrencies.

The unexpected rise in the U.S. Producer Price Index (PPI), which rose by 0.9% month-over-month in July—the largest hike in over three years—swayed market expectations regarding potential Federal Reserve rate cuts and weighed down speculative assets. The volatility in POL trading indicates further potential risk ahead as it lingers around the $0.24 mark.

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