New Update: Polygon replaces MATIC with POL

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. POL Token Migration
  2. POL Price Analysis
  3. Future Prospects


    4. A few days ago, the Polygon network completed its much-awaited migration, wherein POL replaced MATIC as the native gas and staking token.

    POL Token Migration

    The newly launched POL is expected to play a crucial role in AggLayer, and the community could decide to expand its utility in subsequent phases. While MATIC on the Polygon zkEVM will be automatically swapped to POL on a 1:1 basis, tokens on Ethereum and other chains require a manual migration.

    POL Price Analysis

    The POL price remained stuck under $0.4 until traders jumped in with a massive influx of buying volume. This led to a quick upswing after the volume soared above $70 million, halting the ongoing descending trend. Technical indicators suggest the possibility of reclaiming $0.5 if bulls can sustain a bullish close above $0.44.

    Future Prospects

    The price is attempting to set a parabolic curve, supported by ascending RSI and MACD nearing a parabolic crossover. The steep rise in volume implies high trader confidence, indicating that the POL price may maintain a steep upswing and rise above $0.57. However, the token might face a pullback before reaching the pivotal $0.6 zone. The upcoming quarter is expected to retain strong bullish momentum, potentially pushing POL above the $1 milestone, escaping the bearish influence.

    In conclusion, the migration to the new POL token and the current technical analysis point to positive future prospects for the token's price. Investors and traders will closely monitor further market developments.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

XRP Ledger Achieves Key Milestone with AMM Amendment

chest

The XRP Ledger has achieved 80 validator consensus for its Automated Market Maker amendment, marking the start of the activation window for native AMM functionality.

user avatarElias Mukuru

Solana Validator Adoption of v118 Client Reaches 85% of Consensus Stake

chest

The adoption of the v118 client by Solana validators has reached a significant milestone, marking 85% of consensus stake.

user avatarDiego Alvarez

Sui Foundation Unveils $10 Million Fund for AI and DeFi Development

chest

The Sui Foundation has launched a $10 million ecosystem fund aimed at fostering decentralized AI infrastructure and DeFi protocols on the Sui blockchain.

user avatarKenji Takahashi

Aave Governance Approves Parameter Update for Base Mainnet

chest

Aave governance has approved a parameter update for the Base mainnet in its v3 deployment, focusing on risk settings and collateral caps to enhance liquidity access and manage risk effectively.

user avatarMaria Fernandez

Chainlink Expands CCIP Infrastructure to Avalanche and Polygon

chest

Chainlink has launched its CrossChain Interoperability Protocol (CCIP) on Avalanche and Polygon, enhancing crosschain token transfers.

user avatarGustavo Mendoza

Hyperscale Data Ceases Bitcoin Mining to Focus on AI

chest

Hyperscale Data has ceased Bitcoin mining operations at its Michigan facility to accommodate a new AI customer, potentially generating over $12 billion in revenue.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.