Polygon (MATIC) Price Shows Signs of Recovery After Its Recent Rebound, Announces POL Rebrand

Polygon (MATIC) price, a Layer 2 scaling solution for Ethereum, shows signs of recovery after its recent rebound. Positioned at a critical support level, MATIC price is ready for a quick rally

Polygon (MATIC) price shows signs of recovery after its recent rebound from a crucial support level. The Layer 2 scaling solution for Ethereum is positioned for a quick rally, especially with the rising buying interest in the market.

This news comes as Polygon announces a critical update, set to take place on September 4. The transition will see MATIC transform into the new POL tokens. This change is designed to make POL the primary gas and staking token within MATIC’s Proof-of-Stake (PoS) network, a shift that may potentially impact the MATIC price.

According to Wu Blockchain, Polygon has announced that the migration of MATIC to POL tokens will take place on September 4. This change will see POL become the native gas and staking token of the Polygon PoS network and will play a key role in the AggLayer. However, MATIC holders on Ethereum, Polygon zkEVM, and CEX may need to…

The transition will unfold in multiple stages. Initially, POL will take over MATIC’s role on the network. Further stages will integrate POL more deeply into Polygon’s innovative AggLayer project. This development is set to enhance the network’s functionality and efficiency, marking a pivotal evolution in Polygon’s blockchain ecosystem.

Meanwhile, MATIC price shows recovery signs after bouncing off a critical support level. Over the past 24 hours, the Polygon price has shown volatility with notable upward movement. At the time of reporting, the MATIC price hovered at $0.4184, showing an increase of 2.32% during the U.S. trading hours.

The cryptocurrency saw a surge in trading volume, which increased by 30% to reach approximately $144 million, indicating heightened investor interest. If the trend continues, the Layer 2 token may see a positive trend if it surpasses the resistance at $0.45, potentially heading toward $0.5. Such an advance could pave the way for MATIC price to retest the $0.55 level.

The four-hour technical indicators show a steady uptrend. The Moving Average Convergence Divergence (MACD) shows a slight bullish crossover. The signal line is just above the zero line, suggesting that there might be continued upward movement if the trend holds.

Meanwhile, the Chaikin Awesome Oscillator (CAO) is also showing signs of bullish momentum, with the bars moving into the positive territory. Overall, the technical indicators are suggesting a potential for bullish continuation in the near term.

On the other hand, the Put/Call Open Interest Ratio for MATIC shows a neutral to bullish trend. The seven-day Put/Call Open Interest for MATIC on Deribit is currently at 0.78, indicating a higher proportion of Call Open Interest. This suggests that the market is overall bullish on MATIC, with traders expecting the price to continue rising.

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