Binance has listed Polygon's new POL (CRYPTO:POL) token, replacing MATIC (CRYPTO:MATIC), drawing significant attention from traders.
The listing has sparked interest due to expected volatility, with spot trading for ten POL pairs, including POL/BTC, POL/ETH, POL/USDT, POL/BNB, and others, starting on September 13, 2024, at 10:00 UTC.
Within 24 hours, Binance enabled trading bots and spot copy trading for these pairs, enhancing trading options.
This migration has seen approximately 6.67 billion MATIC tokens converted to POL, representing 66.92% of the total supply.
The initial price of POL hovered below $0.40.
However, a surge in buying volume exceeding $70 million pushed the price above $0.40, reversing the earlier downtrend.
This shift led to a more bullish outlook among market observers.
Analyst Josh Olszewicz has predicted that POL could rise above $0.57, with the potential for a pullback before it approaches the $0.60 resistance level.
Meanwhile, Spencer Noon emphasised Polygon’s network strength, stating that “Polygon is the 2nd largest blockchain for tokenised RWAs, with its 23 assets trailing only Ethereum’s 62.”
Polygon’s position as a key blockchain platform is reinforced by its real-world assets (RWAs), which have a total market capitalisation of $531.58 million.
This has created optimism for POL's upward trajectory as the broader crypto market prepares for the next quarter.
A sustained positive sentiment could help POL aim to reclaim the $1 mark, although reaching a new all-time high may still be a challenge.
Market participants are closely watching POL's price action to see if it can sustain its momentum and overcome key resistance levels.
If successful, this could solidify its standing as an important token in the crypto market, depending on its ability to maintain recent gains and push past critical barriers.
At the time of reporting, the POL (formerly MATIC) price was $0.3798.