Wallets linked to Polygon moved a combined 18 million POL, worth roughly $1.36 million, into FalconX over the past week, according to on-chain tracking cited by AMBCrypto. The transfers landed at an average price near $0.0755 per token and included a fresh batch of 8 million POL sent just two hours before the report, on top of 6.79 million POL deposited three days earlier.
The steady drip of tokens into an OTC-linked exchange wallet has coincided with a pickup in POL's exchange supply ratio, which climbed from 0.000379 to 0.00042 — a small but notable shift that traders watch as an early signal of potential sell pressure. A separate transfer of 20 million POL, worth about $1.44 million, also moved to a new wallet in the same window, adding to the churn around the token.
Price Action Stalls Below Resistance
POL was trading at $0.757, down 2.46% on the day, after being rejected at $0.78 and dipping as low as $0.753. Daily trading volume rose 18% to $35 million, while net exchange flows stayed positive at more than $200,000 over 24 hours — a sign buyers are still absorbing the new supply for now. Analysts pointed to $0.70 as the next support level to watch if selling accelerates, with a daily close back above $0.78 needed to flip the near-term structure bullish again.
Momentum Indicators Turn Cautious
Technical readings softened alongside the deposits. The Stochastic Momentum Index posted a bearish crossover near 47, and the Relative Strength Index slipped from 57 to 50, reflecting fading upside momentum rather than outright capitulation. FalconX, the OTC desk receiving the bulk of the transfers, is frequently used by large holders to execute sizable trades away from open order books, which can mask the ultimate destination of the tokens — sale, restructuring, or simple custody consolidation.
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Large wallet movements toward exchanges don't automatically translate into selling, but they do tend to raise available supply at a time when POL is already fighting to reclaim higher ground. With on-chain records showing the token's exchange-held balance ticking higher, traders are likely to keep a close eye on whether the $0.70 zone holds if momentum keeps fading.
Broader Market Backdrop
The moves come as the wider crypto market, with a combined capitalization of roughly $2.27 trillion, hovers with Bitcoin dominance at 56.28%. Altcoins like POL have generally struggled to keep pace during periods of elevated BTC dominance, since capital tends to rotate toward the largest asset first before flowing back into smaller tokens.
