Polygon's POL Upgrade: Why Is MATIC Stuck at $0.37?

Polygon, a leading Layer-2 network on Ethereum, has started moving from its native MATIC token to the new POL token. MATIC, currently valued at a market cap of $3.6 billion, is being replaced as the primary token for the network.
Why the Shift to POL?

• Enhanced Functionality: POL is described as a "hyperproductive token" designed to provide valuable services across the Polygon network, including the AggLayer.

• Future-Proof: The move to POL is part of Polygon’s 2.0 roadmap, which aims to boost the network’s flexibility and scalability.

Impact on MATIC Holders

• Automatic Conversion: Most holders on Polygon’s Proof of Stake (PoS) chain will see their MATIC tokens automatically converted to POL.

• Manual Migration: Those with MATIC on Ethereum and zkEVM chains will need to manually migrate their tokens through the Polygon Portal Interface.

Exchange Support

• Major Exchanges: Exchanges like KuCoin and Coinbase are backing the transition. Binance will stop trading MATIC spot pairs on September 10th at 03:00 UTC.

Price Outlook for MATIC

• Support Levels: Key support levels for MATIC are at $0.33 and $0.30.

• Resistance Testing: A market rebound could challenge the $0.40 resistance level, with a breakout potentially testing the 50-day EMA at $0.4617.

Read Matic Price Prediction: Will MATIC Scale To $1 in 2024?