As a seasoned researcher and crypto enthusiast who has witnessed numerous market fluctuations, I must say, the recent surge in Polygon’s (POL) trading volume and price action post-Binance listing is nothing short of intriguing. The MATIC-to-POL migration has indeed proven to be a game-changer, triggering a bullish momentum that seems far from over.
Polygon’s (POL) fresh native token is now available on prominent platforms such as Binance, signaling the successful wrap-up of the process that swapped all MATIC tokens into POL. As a result of this transition, each MATIC token was exchanged for an equivalent amount of POL. Notably, trading activity for POL has skyrocketed by more than 320%, based on CoinMarketCap data.
1) Over the past day, the value of that token increased by over 7%. Starting from the 19th of September, futures trading for POL will be available on both Coinbase International and Coinbase Pro, which could lead to even more trading action.
As a researcher, I’m observing an increasing trend in the movement of assets from MATIC to POL, suggesting this momentum could persist. This is particularly noteworthy given the recent advancements in Polygon’s ecosystem.
Price analysis
As a crypto analyst, I’ve noticed that the underlying fundamentals can significantly impact market dynamics swiftly. The 4-hour chart of POL/USDT demonstrates a robust surge in bullish energy post its Binance listing, indicating positive sentiment and potential growth.
Initially, the cost stayed within a narrow band around $0.36. However, following the listing, it surged out of this range. This surge might indicate a possibility for growth exceeding 30%, if the support at $0.39 remains steady.
The surge in trading volume during the MATIC-to-POL migration has fueled this price movement.
A “double bottom” trend in the price movement suggests Polymarket (POL) might increase, particularly since the crypto market often thrives during the last three months of the year.
The RSI divergence also turned bullish on the charts, providing additional confidence for traders.
Currently, the price at $0.45 has encountered resistance from POL, which is not uncommon at significant price thresholds. Such levels can sometimes be breached if the prevailing trend’s momentum persists.
POL OI-weighted funding rate peaks
Furthermore, the OI-adjusted funding rates for Polygon increased noticeably following its listing on Binance, indicating a situation where long traders were compensating short traders – A clear demonstration of high market demand.
Currently, the Open Interest is approximately $10.11 million, concentrating near the $0.38 price point, which indicates a high level of excitement surrounding POL.
If the ongoing enthusiasm persists beyond a temporary phase, Polygon (POL) might experience continued development. The relocation strategy sets up Polygon for potential long-term price increases.
Polygon ecosystem token vs MATIC overview
The migration from MATIC to POL has also highlighted key differences between the two tokens. At the time of writing, POL’s price was $0.410, compared to MATIC’s $0.389.
The market cap for POL nearly doubled that of MATIC, rising from $1.2 billion to $2.3 billion.
Furthermore, the trading volume for POL over a 24-hour period was nearly quadruple that of MATIC. This resulted in a volume-to-market-cap ratio of 1.87% for POL, contrasted with 0.94% for MATIC. In simpler terms, the trading activity in POL was significantly higher than MATIC, as represented by their respective volume-to-market-cap ratios.
Over the past 24 hours, POL saw an 8.5% hike in price, while MATIC only saw a 3.16% uptick.
Even with the migration, the existing supply stayed unchanged, laying a foundation for potential expansion in the future for POL.
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2024-09-14 12:07