Recently, Polygon's ecosystem activities have been frequent, but the trend of POL seems somewhat complicated—there are bright spots as well as hidden concerns.

First, the good news. Polygon Labs just invested over $250 million to acquire Coinme and Sequence, directly targeting the US stablecoin payment market. This combination has indeed boosted market confidence, with POL rebounding by 300%. Meanwhile, network activity is also on the rise, with transaction volume soaring to 3.9 billion in January last year, and micro-payment transactions reaching 67.7 million, hitting a three-year high. Another detail is that POL is implementing a deflationary model, burning up to 1 million tokens daily, along with the newly launched liquidity staking products, aiming to create a healthier economic model.

But problems have emerged. The number of active addresses has plummeted by 83%, from 2.9 million to 489,000, which is quite alarming. Such a sharp shrinkage in user base raises questions about the sustainability of growth. More painfully, despite ecosystem growth and increasing fees, investors are still worried whether these values are truly reflected in the POL token.

From a technical perspective, the outlook is also not optimistic. In the past 24 hours, the MACD on the candlestick chart has broken below the signal line, short-term moving averages are in a bearish alignment, and the price is oscillating below the middle line of the Bollinger Bands. These signals together indicate short-term downward pressure.

Therefore, the current POL is like a project in transition—its strategy looks good, and the fundamentals are showing growth, but during execution, a large number of users have been lost. This contradiction needs time to be resolved.