Polygon [POL] has shed roughly 12% over the past 24 hours, deepening a 25% loss on a year-to-date basis, yet this latest leg lower looks driven by panic selling rather than any real break in the network’s fundamentals. Data from both the Spot and perpetual markets point to a clear misalignment between POL’s underlying positioning and its price outcome over the past day alone, the kind of gap that rarely holds for long.