Polygon faces $1.29M FalconX deposit into Binance

Polygon (POL) is facing potential selling pressure following a $1.29 million deposit by FalconX into the Binance exchange. The transfer involved 14 million tokens, marking FalconX’s largest POL deposit to Binance this week.

While the transaction does not confirm that the tokens have been sold, the movement of assets to an exchange introduces increased supply risk. This occurs as the token attempts to stabilize around the $0.09349 level after a pullback from its late-August peak of approximately $0.125.

Despite the supply concerns, derivatives data from CoinGlass indicates that top traders on Binance maintain a bullish outlook. Long positions account for approximately 63.21% of the market, compared to 36.79% for short positions, resulting in a 1.72 long/short ratio.