As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed numerous token upgrades and their impact on prices. The Polygon Foundation’s upcoming MATIC to POL upgrade announcement has piqued my interest, given its potential implications for this Layer-2 scaling solution for Ethereum.
As a crypto investor, I’ve been eagerly anticipating the upcoming MATIC to POL upgrade announced by the Polygon Foundation on Thursday. Reaching a community consensus, this long-awaited token migration is set to take place in just under two months. The goal is to ignite Polygon’s native token expansion. However, following the announcement, there was a 7% dip in MATIC’s value.
Save The Date: Polygon Token Upgrade Coming Soon
As a seasoned blockchain analyst and Ethereum enthusiast, I’m thrilled to share my excitement about Polygon’s upcoming token upgrade. With years of experience in this dynamic industry, I’ve seen firsthand the challenges that come with scaling decentralized networks like Ethereum. That’s why I hold Polygon in high regard for their innovative Layer-2 scaling solution.
According to the announcement, Polygon’s PoS (Proof of Stake) chain will initially utilize POL instead of MATIC as its native gas and staking token. The upgrade became active on the testnet on July 17 to allow for thorough inspection and resolution of any potential problems prior to the transition on the mainnet.
Transitioning from MATIC to POL in Polygon’s Proof-of-Stake (PoS) system is a major task that demands utmost security. To achieve this, thorough testing is essential. This is where a testnet migration comes in handy. By migrating to a test network first, stakeholders, including users, developers, and infrastructure providers, can become accustomed to the upgrade procedures. This process validates the technical aspects of the upgrade and minimizes potential disruptions during the mainnet transition.
In the following stages, the POL upgrade intends to broaden Polygon’s functionality as a unified blockchain network by ensuring security and merging liquidity and shared states among various chains.
As a MATIC investor holding my tokens on the Polygon Proof of Stake (PoS) network, I don’t need to take any actions for the upcoming migration since Polygon will automatically upgrade my MATIC holdings.
In the meantime, it’s essential for Ethereum, Polygon zkEVM, and CEX users to take action. They will need to go through a token migration process to update their holdings with the new symbol, POL.
MATIC Falls 7%, Is $0.4 Or $1 Next?
After keeping up with the latest news, Polygon’s native token experienced a drop in value by approximately 7%. At the moment of the announcement, the token was priced at $0.54. However, within the next 2 hours, its price dipped down to the $0.52 range.
The price of MATIC has dipped to the $0.51 support area, lying comfortably between $0.513 and $0.518 at present. This marks a 4% pullback on the monthly scale. Nevertheless, the token displays positive trends in the weekly and biweekly perspectives, recording a 2% growth. Furthermore, there’s been a notable surge of 34% in MATIC’s daily engagement, with trading volume amounting to $374.7 million.
As a crypto investor, I’ve noticed that there are varying perspectives among market observers regarding the future price action of Polygon’s native token, MATIC. Recently, The Cryptonomist, a well-known crypto analyst, expressed a bearish viewpoint in a public post.
According to the post, the analyst pointed out that MATIC experienced a “stunning collapse” from a “significant ascending triangle with higher time frame resistance.” This indication implied to the analyst that the token might keep declining, although a retest was a possibility. Consequently, she proposed a price objective of $0.4.
While analyzing the larger chart for MATIC, Zayk Charts identified a falling wedge formation. They believed that if this pattern broke to the upside, it could trigger a significant surge towards the $1 price range.
Expert perspective: According to crypto analyst Alex Clay, MATIC is currently experiencing a “significant price bottom,” having undergone a remarkable 20,000% price surge following its extended 630-day period of accumulation.
An analyst is convinced that MATIC‘s 1218-day-long confinement within a Symmetrical triangle could result in price increases exceeding ten dollars. His forecast involves touching the $4.5, $7.1, and $9.75 resistance points prior to achieving this target.
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2024-07-19 09:04