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Coinbase has resumed transactions for Polygon's new POL token following its migration from MATIC. Despite an initial price surge, POL has since dropped, but technical indicators suggest the potential for upward momentum.
Coinbase Restores Polygon Trading Post-Migration
After finishing the move from MATIC to POL, Coinbase announced in a recent post on the X platform that it had restored services for Polygon. With the new governance token being live on August 26, 2024, the exchange temporarily halted all Polygon transactions.
Now that the move is complete, the new POL ticker allows users in all regions to transfer, receive, and trade the token.
MATIC Holders Retain Staking Rewards
Making the switch to POL as the decentralized token for all network transactions and Proof-of-Stake (PoS) staking was an important step in Polygon's plan to improve its ecosystem. The good news is that MATIC stakers will keep getting rewards as long as their staking cycles are active.
With POL soon to become the de facto standard for staking, the goal of migrating from MATIC to it was to simplify staking and governance on the Polygon network. Nevertheless, POL has encountered difficulties in the market, even though Coinbase has resumed support.
POL Price Down 12% After Initial Rally
Reflecting wider market dynamics, the POL coin has struggled after an early 10% price increase following Coinbase's endorsement announcement. It is now 71% lower than its all-time peak in March of 2024, and it has fallen 12% in the last month alone.
With a current price of $0.378 and a market valuation of almost $2.5 billion as of September 11, POL ranks 30th. As investors respond to the migration and the market's overall impacts, the token's price volatility persists.
MACD Indicator Signals Price Rebound
According to Coingape, the Moving Average Convergence Divergence (MACD) indicator on the daily chart indicates a momentum shift, as POL price has begun to show indications of recovery following the announcement. As you can see from the shrinking red bars in the MACD histogram, the bearish trend is losing steam. This lends credence to the idea that selling pressure may be waning.
Furthermore, it seems like the MACD line is getting close to a bullish crossover with the signal line. If this trend continues, it may indicate a change toward an upward trajectory. As the MATIC to POL token stabilizes, buyers will move in, causing the market to react with volatility.
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