$POL
{spot}(POLUSDT)
Polygon’s native coin, POL, has an oscillating price trend. However, the last quarter showed an upward trajectory. Today, the POL price is at $0.4171, dropping over 20% in today’s trading session. In addition, it has been down 6.5% in the last 30 days, with 7-day losses pegged at 32%.
The price movements coincided with Binance.US stating it would support the MATIC-to-POL token migration. This migration is expected to start on January 9, when the conversion of MATIC to POL, at a 1:1 ratio, is anticipated.
Binance.US stated it would temporarily suspend trading on MATIC before this process commences. The platform requested that customers unstake active tokens to prepare for this move once completed. Thereafter, the trading of POL will be restored, as well as its deposit and withdrawal functions.
Meanwhile, despite the POL price slump today, analysts remain optimistic about its future. Polygon’s ecosystem is growing significantly through NFTs, tokenizing real-world assets, and decentralizing AI applications. The developments show the company continues to push forward with use cases catering to various sectors, per the CNF report.
AggLayer upgrade and associated innovations have led people to speculate about POL price action going ahead. Market analysts pointed towards increased adoption and diversification in terms of use cases, which could push the token’s value to $1 in the coming year. However, the crypto has to break the ongoing downtrend and rebound significantly to achieve the target. Currently, the $0.5 serves as a critical juncture in the journey to $1.
#ChristmasMarketAnalysis