Polymath (POLY) more than doubled in price on Wednesday afternoon UTC time, before giving back a large part of its gain within hours of the spike.
As of 13:20 UTC, POLY traded at USD 0.259. The token is up a massive 43% for the past 24 hours and up 35% for the past 7 days.
The coin is currently ranked as number 125 by market capitalization, per CoinMarketCap.
POLY chart daily timeframe:
The sharp and sudden rally started on Thursday afternoon UTC time, when POLY first touched the USD 0.2 level. The token went on to break through that level in a strong way shortly after 5 pm UTC, reaching as high as USD 0.485 before the price again fell back.
The strong rally and subsequent slide for POLY came as sentiment improved across the crypto market over the past 24 hours. Among the coins that pumped was bitcoin (BTC), which smashed a key resistance level, and altcoins such as cosmos (ATOM), OKB and ravencoin (RVN).
Judging from comments from the crypto community on Twitter, the rally took many by surprise. At the same time, there have not been any major news announcements from the Polymath team that could explain the rally.
The rally was “hardly” expected, admitted one popular crypto Twitter user who describes himself as a professional trader. Others, however, seemed to have anticipated the move, with one trader alerting his followers to take action before the price spike occurred.
On Reddit, users also discussed the sudden rally, with many wondering what was happening with the token.
“For someone that has a large share this is nice but man has the last 2 years been brutal,” one user replied, while another said he is praying that this is “not a pump and dump.”
Polymath describes itself as an institutional-grade blockchain platform that aims to digitize real world assets.