Anticipated factors causing potential increase in POL prices

In the ever-evolving world of cryptocurrencies, Polygon (POL) has been making headlines with its recent developments and market movements. Let's delve into these developments and explore the potential outlook for this Ethereum scaling solution.

Since early August, Polygon has been consolidating within a horizontal parallel channel on the daily chart, with prices ranging between $0.22 and $0.26. This consolidation period could be a sign of market stabilisation, setting the stage for potential future price action.

A bearish outlook could be confirmed if Polygon breaks below the lower boundary of this channel, leading to a potential slide towards $0.19. Conversely, a bullish breakout could occur if POL moves above the upper boundary of this channel, potentially leading to further gains.

One of the significant developments for Polygon is its selection by the United States Department of Commerce to publish official economic data on-chain as part of a pioneering initiative. This move is aimed at cementing quarterly GDP data on multiple blockchains, including Polygon PoS.

Moreover, Securitize has deployed over $72.9 million worth of tokenized assets on Polygon, including offerings from prominent players like BlackRock, Apollo, and Hamilton Lane. This influx of assets underscores the growing confidence in Polygon as a platform for secure and efficient asset tokenization.

Another positive sign for Polygon is the recent upgrade of USDT to USDT0, an omnichain-compatible format. This move is expected to reduce transaction costs across DeFi protocols, making Polygon a more attractive choice for users seeking cheaper transactions.

The Supertrend indicator has also flipped green, often viewed as a buy signal by momentum traders. Additionally, a golden cross has been confirmed with the 50-day simple moving average crossing above the 200-day SMA, a strong bullish indicator.

However, it's important to note that this article is for educational purposes only and does not represent investment advice. Cryptocurrency markets can be highly volatile, and it's crucial to conduct thorough research and consider professional advice before making any investment decisions.

As for Pyth Network, its price is targeting $0.30 after a 100% rally, with whales potentially involved. However, this is a separate project and not directly related to Polygon.

In conclusion, Polygon's recent developments and market movements suggest a promising outlook for this Ethereum scaling solution. Whether you're a seasoned investor or a newcomer to the cryptocurrency market, keeping a close eye on Polygon could be a worthwhile endeavour. Always remember to do your own research and consult with a financial advisor before making any investment decisions.