- Polygon trading volume surges after Binance listing
- POL price action shows bullish momentum
Polygon’s (POL) new native token has officially been listed on major exchanges like Binance, marking the successful completion of the MATIC-to-POL migration. This transition automatically converted all MATIC tokens to POL. This led to the trading volume for POL surging by over 320%, according to CoinMarketCap.
The token’s price has since risen by more than 7% in the last 24 hours. Futures trading for POL will also launch on Coinbase International and Coinbase Advanced on 19 September, driving further trading activity.
This momentum indicates that the MATIC-to-POL migration will continue to gain traction. Especially following the recent developments in Polygon’s ecosystem.
Price analysis
In crypto, fundamentals are often reflected in market movements quickly. The price action of POL/USDT on the 4-hour chart revealed strong bullish momentum following the Binance listing.
The price had previously been stuck in a range near $0.36, but broke out after the listing. This could be a sign of potential gains of over 30% if support holds at the $0.39 level.
The surge in trading volume during the MATIC-to-POL migration has fueled this price movement.
A double bottom pattern in the price action further means that POL may climb. Especially as crypto markets typically perform well in the fourth quarter of the year.
Source: TradingView
The RSI divergence also turned bullish on the charts, providing additional confidence for traders.
Now, POL faced some rejection at the $0.45 level. This is normal at critical price points, and trends often break through these levels if momentum continues.
POL OI-weighted funding rate peaks
Additionally, the OI-weighted funding rates for Polygon spiked after the Binance listing, with long traders paying short traders – A sign of strong market interest.
At press time, Open Interest stood at $10.11 million around the $0.38 price level, reflecting the enthusiasm around POL.
If the current excitement proves more than a short-term trend, Polygon could see sustained growth. The migration has positioned POL for sustained price gains.
Source: Coinglass
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.
Additionally, POL’s 24-hour trading volume was almost four times that of MATIC, leading to a 1.87% volume-to-market-cap ratio, compared to MATIC’s 0.94%.
Source: Coinpare
Over the past 24 hours, POL saw an 8.5% hike in price, while MATIC only saw a 3.16% uptick.
Despite the migration, the circulating supply remained constant, however, setting the stage for POL’s future growth.
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