Comprehensive News and Technical Analysis Brief:
In the past 12 hours, Polygon (POL) has surged by 15%, reaching a price of $0.43. This strong performance follows the completion of the MATIC to POL migration, which has excited the market. The upgrade was part of Polygon’s 2.0 roadmap, with POL replacing MATIC as the network’s gas and staking token. This transition opens new avenues for income generation, especially in staking and validator rewards(CoinGape)(DailyCoin).
US and International News:
The recent upgrade has led to renewed optimism globally, as Polygon aims to scale Ethereum by connecting multiple chains through its multichain ecosystem. The introduction of 2% annual inflation for POL is intended to support the network’s growth, funding validator rewards and ecosystem development projects. While this has raised concerns about inflation, Polygon’s developers argue that it is necessary to sustain the expansion(DailyCoin).
Technical Analysis:
From a technical standpoint, POL’s price has shown significant strength, pushing through resistance levels following its Binance listing. Currently, POL trades around $0.43, with analysts eyeing the $0.50 mark as the next major resistance. However, it remains well below its all-time high of $2.92(CoinGecko)(CoinGape).
Current Metrics:
- Price: $0.43
- Market Cap: $3.08 billion
- 24h Volume: $93 million(CoinMarketCap)(CoinGecko).
Polygon’s POL token is gaining traction, and with further network developments expected, the token could see continued price growth in the coming weeks. Investors are watching closely for updates on future partnerships and ecosystem expansions.
