Is POL migration enough for the MATIC recovery rally?

The price of Polygon (MATIC), a scaling solution for Ethereum, has recently witnessed a modest uptrend in the MATIC token price. However, over the past week, the token has mostly exhibited a downtrend. Despite this, attempts at price recovery are proving difficult.

Polygon price rises with launch of new $POL token

Polygon price has initiated a major upgrade by introducing the POL token on its mainnet, replacing the previously used $MATIC. This move occurred on 4 September This represents an important step in the Polygon 2.0 strategy. The POL token retains all the features of its predecessor, including roles in staking and network fees.

Additionally, POL offers enhanced features to improve security and scalability. These advancements also facilitate staking across multiple chains. This transition underscores Polygon's commitment to fostering robust growth within its ecosystem.

Is $1 for MATIC possible after the recent market rally?

The Polygon price has experienced fluctuations over the past 24 hours, indicating a volatile market day. The Layer 2 blockchain hovers above $0.37, a crucial support level. At the time of reporting, the MATIC Price is trading at $0.374, up slightly by 1.14%. This increase follows a significant increase that saw the price briefly reach $0.3786 before declining.

The daily technical indicators for MATIC Network are a mixed signal for traders and investors. The Relative Strength Index (RSI) is neutral at 41.85, indicating that MATIC is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) indicates a bearish trend. The histogram movement is below the zero line and the MACD line is below the signal line.

According to SantimentThe MVRV (market value to realized value) ratio for MATIC has shown significant fluctuations over the past six months. In particular, there was a sharp spike in early May when the MVRV ratio exceeded 95%. This suggests that most holders would have made a profit had they sold their MATIC at that time.

After this peak, the ratio plummeted, reaching a low of around -70.90% on September 7, suggesting that most holders would incur losses if they sold their shares now. This dramatic change could reflect a change in investor sentiment and market conditions.

Polygon price could see a notable surge if it breaks above the resistance at $0.40. This breakout could pave the way for a target of $0.50, which could further push the cryptocurrency to test the $0.55 level. The post-POL migration phase is promising. It could significantly increase Polygon's value, pushing it up by 168% to $1.

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