Polygon faces selling pressure as team deposits 18M POL into FalconX

Polygon’s native token, POL, has experienced a decline in price and a shift toward bearish sentiment following increased selling pressure. The token recently faced rejection at $0.78 and has since fallen to approximately $0.75, marking a daily decrease of roughly 2.46%.

Market data suggests that a significant portion of this selling activity is linked to the Polygon team. Reports indicate that wallets associated with the team have deposited approximately 18 million POL, valued at $1.36 million, into the exchange FalconX. This follows a series of transfers involving large sums of POL moved between various wallets.

In addition to team-related activity, broader market trends show rising exchange supply. The Exchange Supply Ratio has climbed to approximately 0.00042, and positive netflows throughout August suggest that more POL is moving onto exchanges, which typically signals aggressive selling behavior.