Polygon (MATIC) Price Rises, Due to This Activity?

Bittime - The price of Polygon's token, MATIC, is experiencing a bullish or upward trend. At the same time, there was activity sending large amounts of these coins to Binance. Does this activity affect MATIC price? Let's discuss it in this article!

Transfer Millions of US Dollars Worth of MATIC Tokens to Binance

Polygon (MATIC) tokens worth around 13.1 million USD (Rp. 201.6 billion) have been transferred to Binance. Blockchain analysis company Whale Alert detected the movement of 30 million MATIC from an unknown wallet to the crypto exchange. 

This large transfer comes as Polygon prepares to migrate from MATIC to the new POL coin. 

Also read: Had Dropped But MATIC Prices Predicted to Soar!

Scheduled for September 4, 2024, the MATIC to POL migration marks an important step for the Polygon network. MATIC holders will be able to swap their tokens for POL at a 1:1 ratio, with POL becoming the new native token used for gas fees and staking on Polygon. 

This migration is the cornerstone of Polygon 2.0, a comprehensive upgrade announced in June 2023.

Following the initial announcement, September 2023 saw Polygon Labs launch the first Polygon Improvement Proposals (PIP), officially setting the wheels in motion for Polygon 2.0. 

The development team successfully deployed a smart contract for the new POL token on the Ethereum mainnet in October.

The next iteration of Polygon's native token, POL, will leverage new smart contract standards to facilitate efficient and adaptive operations within the Polygon ecosystem. 

Designed as a versatile utility token with a capped supply of 10 billion and a controlled annual emission rate of 1% for the next decade, POL aims to improve scalability and governance across multiple chains.

Additionally, POL holders will contribute to securing the Polygon chain through a decentralized staking model that offers better rewards.

MATIC Price Ready for Breakout?

Despite the excitement surrounding the upcoming migration, MATIC has faced significant pricing challenges in recent months. 

The token has been trading in a narrow range of $0.38 to $0.42, with limited upside momentum. However, technical analysis from ZAYK Charts has highlighted a potentially bullish pattern—a falling wedge formation—developing since early 2024.

Also read: What is Polygon (MATIC)? Everything You Need to Know

Drop wedge pattern, which is usually indicative of a bullish reversal, suggests that MATIC may be approaching a critical point. The pattern has been honored with several touch points along the upper and lower trend lines. 

The latest price action shows MATIC bouncing off the lower boundary of the wedge, hinting at a potential breakout above the upper trendline.

According to ZAYK Charts, a successful breakout of this formation could lead to a substantial increase in price, potentially reaching up to $0.85. This would represent an incredible increase of 93.46% from the current price level of around $0.44.

If the anticipated breakout occurs, it could signal the end of MATIC's prolonged downtrend and the start of a new upward trajectory, bringing renewed optimism to investors and the broader crypto community.

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