Binance’s latest token listing is drawing significant attention from traders as Polygon’s MATIC undergoes a critical transition.
With market anticipation building, the newly listed POL token could undergo extreme volatility. Early indicators suggest that investors are watching closely, eager to see how this move will impact prices.
Binance Lists Polygon’s POL
Binance has successfully completed the swap from MATIC token to POL, allowing users to deposit and withdraw the new POL tokens.
Spot trading for POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT pairs went live on September 13, 2024, at 10:00 UTC. Additionally, Binance has enabled Trading Bots and Spot Copy Trading for these pairs, available within 24 hours of the listing.
To date, this token migration has seen 6.67 billion MATIC tokens converted to POL. This represents approximately 66.92% of the total supply.
MATIC to POL Migration Progress. Source: Dune
Market observers noted that POL’s price initially hovered below $0.40. However, an influx of buying volume—surpassing $70 million—pushed the price higher, reversing the downtrend and shifting technical indicators toward a bullish outlook.
Analysts like Josh Olszewicz predict that POL could surge past $0.57, with a pullback likely before it challenges the $0.60 resistance zone. Meanwhile, Spencer Noon points to the network’s capabilities as it “remains the premier destination for builders.”
“Polygon is the 2nd largest blockchain for tokenized RWAs, with its 23 assets trailing only Ethereum’s 62. This positions Polygon as a significant player in the space — the platform’s RWAs have a total market capitalization of $531.58 million,” Noon wrote.
RWA Blockchains. Source: OurNetwork
As the broader crypto market gears up for the next quarter, there is optimism that POL could continue its upward trajectory. A sustained bullish sentiment might propel the token toward reclaiming the $1 mark. Although reaching a new all-time high could prove challenging, the outlook for POL remains positive.
In the coming days, all eyes will be on POL to see if it can maintain momentum and overcome key resistance levels, potentially positioning itself as a major player in the market.