Polygon introduced an upgraded version of its native MATIC token last week, POL. The newly migrated coin sees some tokenomics changes and has already flourished upon its listing on Binance. Following the upgrade and rebrand, POL surged 15% on Friday. Crypto exchange power Binance added spot and perpetual contracts trading with the token to its platforms. fueling POL.
POL jumped to nearly $0.45 from around $0.38 earlier today, hitting its highest price since late August. Polygon’s new token shares the same price history as MATIC, only changing its name and abbreviation. POL has outperformed many top coins in the last 24 hours with this 15% spike, including Bitcoin and Ethereum.
Furthermore, Polygon’s transition to POL also introduced a new token emission rate of 2% annually, much to the elation of formerly MATIC holders. Trading volume around the token has surged 36.70% in the last 24 hours. This may come from a psychological influence of some sort. The rebrand appears as a fresh chart to crypto traders for their technical analysis, which could explain Friday’s bullish price action. The concept of “new look, but still the same,” appears to be the application in the Polygon token’s case.
“Full MATIC-POL spot migration had already happened, but new charts are multiples more important,” crypto analyst DeFiyst noted. “First successful big token migration we’ve seen in a while, expect other projects to follow.”
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Polygon POL price predictions remained bullish even as investors dumped the asset before the rebrand. The latest Binance listing of spot and perpetual POL contracts has filed new optimism around the token’s performance. According to prominent crypto analyst Ali Martinez, the coin is forming a descending triangle pattern. The analyst has asked investors to watch the $0.34 support level. If this support level holds, POL could rebound to $0.94. Hitting $0.94 from current levels would translate to a rally of over 150%.