The Polygon Network recently underwent a technical upgrade to migrate their native token from MATIC to POL. Following the migration, the new token’s price struggled to gain momentum, failing to reclaim the $0.39 resistance level. However, Binance’s recent listing of POL has pumped its price above key levels.
Binance Completes Polygon Token Migration
On Friday morning, global exchange Binance completed the token migration from MATIC to POL. The exchange had stated it would support Polygon’s token swap by delisting all MATIC trading pairs and suspending deposits and withdrawals on September 10.
Additionally, the platform revealed it would add POL spot trading pairs on September 13, at 10:00 (UTC). The pairs included POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT.
Polygon’s token migration on September 4 marked a “critical juncture” for the network, aiming to enhance utility and align with “the vision as an aggregated network of blockchains.” The upgrade seeks to improve the platform’s tokenomics to make it more attractive for users and validators.
Moreover, POL will serve as a “hyperproductive token,” acting as the native gas and staking token on Polygon and supporting its “future expansion and security as an aggregated network.”
After delisting MATIC, Binance announced the completion of the token swap, listing Polygon’s new token on Friday. The global exchange also unveiled that POL would be added to Binance Simple Earn, “Buy Crypto”, and Binance Convert.
Binance Margin and futures services would also become available for POL investors on September 13. Meanwhile, Binance Auto-Invest will be available on September 16 at 10:00 (UTC).
POL Price’s Parabolic Surge
Following its listing on Binance, Polygon’s new token saw a massive surge. POL had been hovering between the $0.38-$0.35 price range since September 3, edging close to its all-time low (ATL) of $0.345 registered over a month ago.
Despite Polygon’s upgrade, the token struggled to break above the $0.39 resistance level, worrying investors and market watchers. However, POL jumped 17.3% on Friday, breaking above the $0.4 mark for the first time in ten days.
The token also saw a massive increase in daily activity, seemingly fueled by the listing. POL registered a daily trading volume of $135 million, soaring 700% in the last 24 hours. Its market capitalization also surged 17%, hitting the $3.16 billion mark on Friday morning.
Some market watchers noted POL’s performance, praising Polygon’s upgrade. DeFi analyst DeFyist considered Polygon’s the “first successful big token migration we’ve seen in a while.”
To the analyst, the upgrade displayed why “new charts are more important” as the token was “lifted on the fresh perp listing” despite the spot migration having happened already.
Another pseudonym analyst considered it an “example of why a ‘new chart’ matters.” To Cilinix, if the token successfully reclaims the $0.44 resistance level, it could be up for a bullish run.
As of this writing, POL is trading at $0.433, a 16.6% surge in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com