1. Polygon’s Major Milestone: POL Token Takes Over
In one of the most significant updates of the year for Polygon, the MATIC to POL migration officially went live in October 2024. This transition is a part of Polygon 2.0, where POL becomes the new native gas and staking token for the Polygon PoS network. POL’s launch is aimed at unifying liquidity across multiple Layer 2 chains while reducing transaction costs and improving scalability. Polygon Labs is also preparing for future phases where POL will have broader roles, including securing multiple blockchains and enhancing cross-chain interoperability(Web3, Aggregated.)(Web3, Aggregated.).
2. Price Movements and Key Support Levels
In the past week, Polygon’s POL token has seen price fluctuations, hovering around the $0.36 support level. After a prolonged corrective phase, analysts believe POL could be poised for a bullish reversal. The price currently reflects a double-bottom pattern, signaling that this could be the end of a multi-year correction that began after reaching an all-time high of $3 in 2021. Should this support level hold, a near-term price target of $0.70 is possible if the upward momentum continues(CCN.com)(Benzinga).
3. Technical Analysis: Short-Term Outlook for POL
Over the last 12 hours, POL has continued to consolidate around $0.36. Traders are watching closely for further confirmation of a bullish reversal, with a potential breakout if the price surpasses $0.40. Key resistance is at $0.45, and if POL manages to exceed this threshold, it could mark the beginning of a more sustained upward trend. Conversely, any failure to hold at $0.36 could result in further downward pressure, with a possible retest of the $0.32 zone(CCN.com).
Conclusion: A New Era for Polygon
With the migration to POL complete and a focus on enhanced scalability, Polygon is positioning itself for long-term success. While competition from other Layer 2 solutions like Optimism and Arbitrum remains strong, POL’s future utility as part of an aggregated network could provide the foundation for its price recovery. Investors will be closely monitoring POL’s price movements as the market reacts to the new opportunities Polygon 2.0 brings.
