In a market subdued by slow activity, Polygon’s native token, POL (formerly MATIC), has emerged as a standout performer. The token recently reached a 12-day high of $0.4219, recovering from a prolonged bearish phase. As of the latest data, POL is trading at $0.4141, marking a notable 9.3% increase in the past 24 hours.
Sharp Rise in POL Price
The recent uptick in POL’s price is accompanied by increased whale activity. Major exchanges Binance and OKEx have seen significant transactions involving Polygon’s tokens. On Binance, two transfers of 200 million MATIC each were recorded, while OKEx processed a transfer of 30 million MATIC. These transactions are valued at approximately $154.3 million and $11.45 million, respectively.
Factors Influencing Price Increase
On-chain metrics further support a bullish outlook for POL. Net network growth stands at 0.33%, while the concentration of large holders is at 0.25%, and large transactions have risen by 2.92%. The migration to POL, which began on September 4, 2024, is a critical component of the Polygon 2.0 upgrade. First introduced in mid-2023, this upgrade aims to enhance scalability, security, and functionality within the Polygon network. POL now is used for gas fees and staking and introduces multi-chain staking. The transition has spurred significant activity among traders, with over 1 billion tokens migrated on September 10 alone. The total migration now stands at 6.5 billion tokens.
Future Prospects for POL
Meanwhile, the daily chart for POL shows a bullish trend, with the 9-day Exponential Moving Average at $0.418. The Relative Strength Index (RSI) is neutral at 50. Should the bullish momentum persist, resistance levels at $0.465 and $0.574 may be tested. Conversely, a continued bearish trend could see a drop to $0.361, with support potentially at $0.340.
In the near future, trader policies and increased activity will be key factors determining the further movement of POL price. Over the past weeks, the token has already shown significant growth, indicating higher interest in the Polygon project and its 2.0 upgrade.
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