Polygon’s POL Upgrade and Price Outlook: Eyes on a Bullish Reversal
1. Polygon’s Major Milestone: POL Token Takes Over
In one of the most significant updates of the year for Polygon , the MATIC to POL migration officially went live in October 2024. This transition is a part of Polygon 2.0, where POL becomes the new native gas and staking token for the Polygon PoS network. POL’s launch is aimed at unifying liquidity across multiple Layer 2 chains while reducing transaction costs and improving scalability . Polygon Labs is also preparing for future phases where POL will have broader roles, including securing multiple blockchains and enhancing cross-chain interoperability​( Web3, Aggregated. )​( Web3, Aggregated. ).
2. Price Movements and Key Support Levels
In the past week, Polygon’s POL token has seen price fluctuations , hovering around the $0.36 support level. After a prolonged corrective phase, analysts believe POL could be poised for a bullish reversal. The price currently reflects a double-bottom pattern, signaling that this could be the end of a multi-year correction that began after reaching an all-time high of $3 in 2021. Should this support level hold, a near-term price target of $0.70 is possible if the upward momentum continues​( CCN.com )​( Benzinga ).
3. Technical Analysis : Short-Term Outlook for POL
Over the last 12 hours, POL has continued to consolidate around $0.36. Traders are watching closely for further confirmation of a bullish reversal, with a potential breakout if the price surpasses $0.40. Key resistance is at $0.45, and if POL manages to exceed this threshold, it could mark the beginning of a more sustained upward trend. Conversely, any failure to hold at $0.36 could result in further downward pressure, with a possible retest of the $0.32 zone​( CCN.com ).
Read More: https://onthenode.com/cryptocurrency/polygons-pol-upgrade-and-price-outlook-eyes-on-a-bullish-reversal
1. Polygon’s Major Milestone: POL Token Takes Over
In one of the most significant updates of the year for Polygon , the MATIC to POL migration officially went live in October 2024. This transition is a part of Polygon 2.0, where POL becomes the new native gas and staking token for the Polygon PoS network. POL’s launch is aimed at unifying liquidity across multiple Layer 2 chains while reducing transaction costs and improving scalability . Polygon Labs is also preparing for future phases where POL will have broader roles, including securing multiple blockchains and enhancing cross-chain interoperability​( Web3, Aggregated. )​( Web3, Aggregated. ).
2. Price Movements and Key Support Levels
In the past week, Polygon’s POL token has seen price fluctuations , hovering around the $0.36 support level. After a prolonged corrective phase, analysts believe POL could be poised for a bullish reversal. The price currently reflects a double-bottom pattern, signaling that this could be the end of a multi-year correction that began after reaching an all-time high of $3 in 2021. Should this support level hold, a near-term price target of $0.70 is possible if the upward momentum continues​( CCN.com )​( Benzinga ).
3. Technical Analysis : Short-Term Outlook for POL
Over the last 12 hours, POL has continued to consolidate around $0.36. Traders are watching closely for further confirmation of a bullish reversal, with a potential breakout if the price surpasses $0.40. Key resistance is at $0.45, and if POL manages to exceed this threshold, it could mark the beginning of a more sustained upward trend. Conversely, any failure to hold at $0.36 could result in further downward pressure, with a possible retest of the $0.32 zone​( CCN.com ).
Read More: https://onthenode.com/cryptocurrency/polygons-pol-upgrade-and-price-outlook-eyes-on-a-bullish-reversal
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