Polygon (POL) Weekly Chart Signals a Turning Zone Can Price Reach $0.240?

Polygon (POL) is moving in a neutral to bearish setup, as of February 6, 2026, as Bitcoin is making lower highs and lower lows due to high volatility in the crypto sector. The POL price has declined by 6.66% over the last 24 hours and by 14.12% over the last week.

According to CoinMarketCap, POL is currently trading at $0.09588, supported by a trading volume of $287.79 million, marking a surge of 170.54% over the last 24 hours. However, its market capitalization is currently standing at $1 billion, placing the token in a cautious state.

Also Read: Nevada Court Blocks Polymarket Contracts Ahead of Key Hearing

Potential relief rally targets higher zones

The price of POL continued to slide this week, trading around $0.092 as sellers dominated the market. The price is well below the 20-week, 50-week, 100-week, and 200-week simple moving averages, all of which are sloping downward, indicating that sellers are in full control of the market, as the price is making lower highs and lower lows.

As the Bollinger Bands show, the POL is still hugging the lower band, indicating continued selling pressure rather than consolidation. The middle band around the price of $0.152 has now become a strong and shifting resistance level. Although the price is oversold, this may be the case for a long-running weekly trend.

Traders should also be aware of the closing price below $0.090 on a weekly basis. If this occurs, it could open the door for further downside price targets at around $0.066 and $0.055.

Conversely, if a relief rally is seen, it could run as high as the area around $0.115-$0.120, and even as high as the area around $0.150-$0.155. The overall resistance area is in the range of $0.195-$0.240.

Technical Indicators Show Fading Bearish Momentum

The Relative Strength Index (RSI) is currently trading at 33.95, which is slightly above the oversold level of 30. This implies that the bearish momentum is weakening, although it is still present.

The Moving Average Convergence Divergence (MACD) is trading at -0.03322 and is slightly below the signal line, which is trading at -0.03241. The histogram is decreasing in size, which implies a possible slowdown in the current downtrend.

While these indicators point to the potential for stabilization, no reversal has been confirmed. Traders should be cautious and monitor the close of the week before entering any new trades. All data used here has been taken from TradingView charts.

Why This Matters

The sustained downtrend in the price of POL and the technical indicators surrounding it may influence the decisions of traders, while the target for an upward move at $0.115-$0.120 may be indicative of relief moves.

The immediate support levels are at $0.090–$0.095, while the potential downside targets range between $0.066–$0.055, which are risk management markers for investors in choppy, volatile markets.

Also Read: Polygon (POL) Burns 25.7 Million POL in January, Supply Down 0.24%