The Polygon network recently underwent a technical upgrade to migrate its native token from MATIC to POL. Following the migration, the price of the novel token struggled to gain momentum, failing to reclaim the $0.39 resistance level. However, the recent listing of POL on Binance has pushed its price above key levels.

Binance Completes Polygon Token Migration

On Friday morning, the global exchange Binance completed token migration from MATIC to POL. The exchange said it will support the Polygon token swap by delisting all MATIC trading pairs and suspending deposits and withdrawals on September 10.

Additionally, the platform revealed that it would add POL spot trading pairs on September 13 at 10:00 (UTC). The pairs included POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT.

Polygon’s token migration on September 4 marked a “critical moment” for the network, aiming to augment usability and align with its “vision as an aggregated network of blockchains.” The update aims to improve the platform’s tokenomics to make it more appealing to users and validators.

Furthermore, POL will serve as a “hyper-productive token,” serving as the native gas and staking token on Polygon and supporting its “future expansion and security as an aggregated network.”

Following the delisting of MATIC, Binance announced the end of its token swap, listing a novel Polygon token on Friday. The global exchange also revealed that POL will be added to Binance Simple Earn, “Buy Crypto,” and Binance Convert.

Binance Margin and futures services will also become available for POL investors on September 13. Meanwhile, Binance Auto-Invest service will be available on September 16 at 10:00 (UTC).

POL Price’s Parabolic Rise

Following its listing on Binance, the novel Polygon token has seen a massive surge. The POL price has traded between $0.38 and $0.35 since September 3, approaching an all-time low (ATL) of $0.345, set over a month ago.

Despite Polygon’s boost, the token has struggled to break above the $0.39 resistance level, which has worried investors and market observers. However, POL surged 17.3% on Friday, breaking above the $0.40 level for the first time in ten days.

The token also saw a huge augment in daily activity, seemingly fueled by the listing. POL recorded a daily trading volume of $135 million, increasing by 700% in the last 24 hours. Its market capitalization also increased by 17%, reaching $3.16 billion as of Friday morning.

Some market observers noted POL’s results, praising Polygon’s update. DeFi analyst DeFyist called Polygon “the first successful major token migration we’ve seen in a while.”

The analyst believes that the update displayed why “new charts are more important” when the token was “promoted to the new perp list” even though spot migration already took place.

Another Analyst Pseudonym considered to be this is “an example of why a ‘new chart’ matters.” For Cilinix, if the token successfully reclaims the $0.44 resistance level, it could signal growth.

At the time of writing, POL is trading at $0.433, up 16.6% in the last 24 hours.

Featured image from Unsplash.com, chart from TradingView.com