Over the past few days, Polygon (MATIC) successfully completed its anticipated upgrade to the new token POL, which will serve as the native gas and staking token for the Polygon Proof-of-Stake (PoS) network. This transition, which went live on September 4, 2024, is a key component of Polygon’s larger 2.0 roadmap, aimed at improving scalability and security across the ecosystem. The POL token is expected to play a broader role in upcoming phases, potentially facilitating block generation and staking across multiple layer-2 chains within the Polygon network(The Daily Hodl)(Web3, Aggregated.).
Technical Analysis and Market Sentiment
Polygon is currently trading around $0.53, showing a slight uptick following the upgrade. Technical indicators, however, suggest mixed sentiment. While Polygon recently faced bearish momentum with its RSI hovering below 50, there is potential for recovery. If the price can surpass the $0.55 resistance level, it could initiate a rally toward $0.60(BeInCrypto).
In the short term, POL is expected to drive the next phase of Polygon’s growth, particularly in the staking hub and the newly announced Aggregation Layer, which aims to unify liquidity across the network(The Daily Hodl)(Web3, Aggregated.).
Looking Ahead
As Polygon transitions from MATIC to POL, the network’s ability to handle decentralized applications (dApps) with enhanced security and lower fees will likely attract more developers and institutional users. This upgrade positions Polygon to remain competitive in the Ethereum Layer 2 space, with further price movement contingent on broader market conditions and adoption(BeInCrypto)(WLD News).
