A recent announcement about the listing of POL token on Binance has triggered a significant price increase.
POL Price Increase
Polygon’s rebranded token, POL, previously known as MATIC, is currently showing a positive trend, with its price fluctuating between $0.41 and $0.445. This marks a notable 10% increase over the past week. At the time of writing, POL is trading at $0.4131, with a market cap of $2.93 billion, making it the 28th largest cryptocurrency globally. Additionally, POL’s trading volume has jumped by over 380% to $188 million.
Polygon Network Upgrade
The recent technical upgrade of the Polygon Network, which involved transitioning from MATIC to POL, has sparked positive momentum for the new token. This excitement was further turned up on Friday when Binance, a major crypto exchange, made a crucial announcement. Binance revealed that POL would be incorporated into various products including Earn, Buy Crypto, Convert, Margin, and Futures. Following this, POL saw a nearly 15% price increase.
POL Technical Analysis
Despite a substantial 67% decline from its all-time high of $1.29, recent signs suggest that bulls are gaining strength. The 9-day moving average (MA) has crossed above the 21-day moving average, and POL’s current price is above both averages. Further, the Relative Strength Index (RSI) is at 59, indicating that the token may be approaching overbought conditions, which could lead to potential resistance. According to POL price prediction, if the token can break through the $0.45 resistance level, it could target a price of around $0.53. This would represent a potential gain of 18%. With continued bullish momentum, POL might even experience growth of up to 150%. In case, POL fails to maintain its position above $0.45 and trades below $0.40, a key support is seen at $0.33.
The listing on Binance and recent technical enhancements to the Polygon Network have significantly boosted POL, strengthening its position in the cryptocurrency market.
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