POL token surges 9.3% as whale activity increases.
Significant Binance and OKEx transfers boost POL’s bullish outlook.
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. The daily trading volume has surged by 370% since the transition to POL.
POL Price Chart, Source: Sanbase
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.
Moreover, 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%.
Transitions And Future Price
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, replacing MATIC, is now 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. Tom Wan, a strategist at 21.co, noted that the migration ratio has reached 64.8%.
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.
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