- POL (formerly MATIC) has risen over 18.4% from $0.3764 to $0.4456 following Binance’s list.
- Binance’s announcement of POL’s listing on multiple products has boosted investor optimism.
Polygon’s rebranded token, POL, previously known as MATIC, is currently showing a positive trend, with its price fluctuating between $0.41 and $0.445. This marks a notable 10% increase over the past week. At the time of writing, POL is trading at $0.4131, with a market cap of $2.93 billion, making it the 28th largest cryptocurrency globally. Additionally, POL’s trading volume has jumped by over 380% to $188 million.
The recent technical upgrade of the Polygon Network, which involved transitioning from MATIC to POL, has sparked positive momentum for the new token. This excitement was further turned up on Friday when Binance, a major crypto exchange, made a crucial announcement.
Binance revealed that POL would be incorporated into various products including Earn, Buy Crypto, Convert, Margin, and Futures. Following this, POL saw a nearly 15% price increase as the exchange listed it.
Before Binance’s announcement, POL had struggled to break the $0.39 resistance level. Also, the token had been lingering between $0.38 and $0.35 since early September, close to its all-time low of $0.345. However, the recent listing news prompted a 17.3% price increase. This pushed POL above the $0.44 zone for the first time in 15 days.
24 Hours Technicals for POL (ex-MATIC)
Despite a substantial 67% decline from its all-time high of $1.29, recent signs suggest that bulls are gaining strength. The 9-day moving average (MA) has crossed above the 21-day moving average, and POL’s current price is above both averages.
POL (ex-MATIC) Price Chart (Source: TradingView)
Further, the Relative Strength Index (RSI) is at 59, indicating that the token may be approaching overbought conditions, which could lead to potential resistance.
According to POL price prediction, if the token can break through the $0.45 resistance level, it could target a price of around $0.53. This would represent a potential gain of 18%. With continued bullish momentum, POL might even experience growth of up to 150%. In case, POL fails to maintain its position above $0.45 and trades below $0.40, a key support is seen at $0.33.