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Polygon Announces Date For MATIC To POL Token Upgrade
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Polygon Announces Date For MATIC To POL Token Upgrade, Price Drops 7%

Rubmar Garcia
Rubmar Garcia
10 months ago
3 mins read
Polygon

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On Thursday, the Polygon Foundation announced the date for its upcoming MATIC to POL upgrade after reaching a community consensus. The long-awaited token migration will occur in less than two months and aims to kickstart Polygon’s native token expansion. MATIC saw a 7% drop following the news.

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Save The Date: Polygon Token Upgrade Coming Soon

The Layer-2 scaling solution for Ethereum, Polygon, revealed the highly anticipated date for its native token upgrade. Set for September 4, the initial phase will begin with the token migration from MATIC to POL.

Polygon
Polygon Foundation announces token upgrade date. Source: Polygon Foundation on X

Per the announcement, POL will initially replace MATIC “as the native gas and staking token for Polygon PoS.” The upgrade went live on the testnet on July 17 to “serve as a dress rehearsal” to identify and fix potential issues before the mainnet migration.

Upgrading Polygon PoS from MATIC to POL is a significant undertaking that requires the highest security possible, including robust testing.  (…) A testnet migration allows users, developers, and infrastructure providers to familiarize themselves with the processes of upgrading, ensuring technical validation and minimizing disruptions during the mainnet upgrade.

During the subsequent phases, the POL upgrade aims to expand Polygon’s utility as an aggregated blockchain network by providing security and “unifying liquidity and shared state across multiple chains.”

Per the post, some MATIC holders may have to take certain actions for the migration depending on where they hold their tokens. POL will be automatically upgraded for MATIC holders on Polygon PoS and no action is required.

Meanwhile, action is required for users on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes). These holders will have to upgrade to POL through a token migration contract.

polygon
MATIC’s performance in the weekly chart. Source: MATICUSDT on TradingView

MATIC Falls 7%, Is $0.4 Or $1 Next?

Following the news, Polygon’s native token saw a price decline of around 7%. The token, trading at $0.54 at the time of the announcement, fell to the $0.52 price range in the next 2 hours.

MATIC’s price dropped to the $0.51 support zone, currently hovering between the $0.513 and $0.518 range. This performance represents a 4% retrace in the monthly chart. However, the token exhibits green numbers in the weekly and biweekly timeframes, with a 2% increase. Additionally, MATIC registers a 34% increase in its daily activity, with a daily trading volume of $374.7 million.

Some market watchers have contradictory opinions on Polygon’s native token performance. Crypto analyst The Cryptonomist shared a bearish forecast for MATIC in an X post.

Per the post, the analyst highlighted that MATIC had a “beautiful breakdown” from a “large rising wedge with higher TF resistance.” This suggested to the analyst that the token will continue descending, even if a retest is possible. As a result, she suggested a price target of $0.4.

Meanwhile, Zayk Charts stated that MATIC was moving inside a falling wedge pattern in the macro chart. The analyst considered that a breakout out of the bullish pattern could fuel a rally toward the $1 price range.

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Crypto analyst Alex Clay considers MATIC to be at a “generational bottom.” Clay highlighted that the token saw a 20,000% return run after its previous 630-day-long channel accumulation.

Polygon
MATIC accumulates within a symmetrical triangle. Source: Alex Clay on X

The analyst believes that MATIC’s current 1218-day-long accumulation inside a Symmetrical triangle could lead to double-digit price targets. His prediction includes hitting the $4.5, $7.1, and $9.75 resistance levels before reaching a double-digit target.

Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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