The Polygon price is in focus today as it has surged 1%, with the POL/USD exchanging hands at $0.40. POL is now up 6% in a week despite a fall of 26% in a month and 22% in a year. However, its 24-hour trading volume is up 0.47% to $36 million, suggesting a rise in market activity.
Meanwhile, the MATIC network has officially upgraded its native token from MATIC to POL, marking a new era for Polygon’s future as a leader in scalable blockchain technology. POL is now the native gas token for Polygon PoS, replacing MATIC for all transactions, staking, and network security.
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🚨 BREAKING – Polygon (ex. $MATIC) becomes $POL
Goodbye MATIC, hello POL!
After a year of community discussion, the #MATIC network has officially upgraded its native token from MATIC to POL, marking a new era for @0xPolygon's future as a leader in scalable blockchain… pic.twitter.com/g2H0cqZ8n8
— Koinsquare Official (@koinsquareNews) September 23, 2024
Furthermore, Polygon is evolving into an aggregated blockchain network through AggLayer. POL will power the Polygon PoS and play a key role in the future aggregated network and its associated services.
Polygon Statistical Data
Based on CoinmarketCap data:
- POL price now – $0.40
- Trading volume (24h) – $36 million
- Market cap – $1.20 billion
- Total supply – 10 billion
- Circulating supply – 2.99 billion
- POL ranking – #59
Technical Outlook Throws Mixed Reactions in Polygon Market
Overwhelmed with selling pressure after a slight rally that pushed the POL price to $0.44 on September 13, Polygon has plummeted to $0.40. However, the strong support at $0.39 may allow the bulls to regroup, build momentum, and push for another breakout.
A falling wedge pattern has come in handy as POL struggles to break above the immediate resistance at $0.42. The break above the wedge resistance trendline, accompanied by a rise in trading volume, would lead to a strong leg up, causing an upward movement. Polygon’s technical outlook signals mixed market reactions. Between the $0.39 support and the resistance at $0.42, bulls and bears are engaged in a fierce tug-of-war in which the price might break in either direction.
However, with the POL price sitting above the 50-day Simple Moving Average (SMA) (green), turning it into immediate support level, momentum could quickly build up, propelling the price above the hurdle at $0.42. Meanwhile, rising above the seller congestion at $0.42 – a confluence level formed by the 200-day SMA (blue)—would potentially see the POL price surge to the $0.57 mark.
On the other hand, the Relative Strength Index (RSI) is at 55.55. Its position above the 50-mean level suggests increased buying pressure in the Polygon market. Moreover, there is more room for the upside before POL is considered overbought.
Despite the potential uptrend in the Polygon, the Moving Average Convergence Divergence (MACD) indicator upholds a bearish outlook. Moreover, there is a potential downtrend reaching levels lower than the immediate support or coincident with the support levels at $0.39. The sell signal is evident in the Polygon market, with the blue MACD line crossing below the orange signal line. Traders are inclined to continue selling POL unless the trend in the MACD changes.
Polygon Price Outlook
In the 4-hour chart above, the resistance at the 200-day SMA could invalidate the wedge pattern breakout. Hence, bulls need to collect as much liquidity as possible before launching the next offensive mission. Profit-booking for short-term investors might start at the 200-day SMA (blue) at $0.42, with some choosing to wait until POL touches the $0.44 mark.
However, long-term investors and highly bullish traders may prefer Polygon price exhaust the uptrend for gains above $0.6 to $1. On the downside, the POL price may drop with the MACD indicator suggesting a sell signal. In such a case, the $0.39 support may act as a cushion against any further losses.
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