ambcrypto.com 
Polygon [$POL] has been growing in terms of chain activity, but its price action remains undercapped. The altcoin has been trading above the $0.08 level despite its high liquidity from the stablecoin activity.
Polygon’s stablecoin transfer volume
Polygon’s non-P2P stablecoin transfer volume is up by about 66.7% over the last four months. As of writing, the monthly volume in April reached $24 billion.
Since January of this year, every month has been bigger than the previous one. In January, the stablecoin transfer volume was below $15 billion, which stayed the same even in February.
In March, the metric jumped to around the current levels, which have been maintained.
Source: Artemis
In total, the network had more than $3.44 billion, which was the smallest in the list. Hence, more than $140 billion in total stablecoin volume had been transacted in Polygon and the figures were growing.
This showed stablecoin flow was significantly contributing to DeFi as the prices continued to tank.
Polygon activity performance across different metrics
Polygon is selectively outperforming different chains across different metrics, as per data from DefiLlama.
Daily on-chain fees generated by the Polygon network surpassed BNB Smart Chain [BSC] with $297.24K against $271K. Canton [CC], Tron [TRX], Solana [SOL], and Ethereum [$ETH] took the first four positions, respectively.
Polygon was ahead of $ETH and Base Chain by daily active addresses with 534.8K. However, its DEX volume was relatively low at around $178 million.
Source: DefiLlama
The growing revenue helped in controlling supply. The fees of $297K resulted in the burning of 2.64 million $POL, reducing the inflation of the token.
The transaction speeds were also high, as per Chainspect data. The theoretical throughput was at 3,333 TPS. Again, $POL hit a new max record of 2,239 TPS.
Is price forming a bottom?
On the price charts, Polygon has been declining since last year. Between March and October of 2025, $POL price traded in a sideways range but broke down below $0.17 support.
The breakdown was retested by the rally that happened during the opening of the year. Consequently, it dropped to around $0.0835, where it is potentially forming a bottom. The zone has rejected a decline twice and is currently approaching it for the third time.
Source:
$POL/USDT on TradingView
In the case of a floor, the altcoin may surge back to at least $0.12, where a break above would take it to $0.17. Conversely, breaching the support level would amplify the decline.
Final Summary
- Polygon’s non-P2P stablecoin transfer volume increased by 66.7% in four months as total stablecoin market cap reached $3.34 billion.
- Polygon price was potentially forming a bottom at $0.0835, which has been in place since 2026.
