What's next for POL?
Key Takeaways
- POL came out in the autumn of 2023.
- Polygon’s migration from MATIC to POL started in September 2024.
- One Polygon price prediction says POL could reach $2.50 in 2025.
The Polygon Ecosystem Token was released in autumn 2023. The crypto was designed to support recent upgrades to Polygon. However, the original Polygon coin, MATIC, is still relatively popular with crypto investors. After its rebrand, POL will need to show that it can truly take over from the better-known coin.
Signs looked promising in early September 2024 when the migration from MATIC to POL started and the new crypto took on the old one’s Polygon name. The crypto’s market cap shot up, although whether it can maintain its momentum once the migration ends is another matter.
On Sept. 24, 2024, POL was worth about $0.4075.
what is Polygon (POL)? How does Polygon work? Let’s see what we can find out and also look at some of the Polygon Price Predictions being made as of Sept. 24, 2024.
Polygon Price Prediction
Let’s examine some of the Polygon Ecosystem Token price predictions being made by CCN on Sept. 24 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum POL Price Prediction | Average POL Price Prediction | Maximum POL Price Prediction | |
|---|---|---|---|
| 2024 | $0.36 | $0.85 | $1.20 |
| 2025 | $0.80 | $1.50 | $2.50 |
| 2030 | $3 | $5.50 | $8 |
Polygon Price Prediction 2024
In 2024, Polygon could recover from its established $0.36 support, with a potential bull cycle pushing it up to $1.20. If market conditions remain favorable, the average price could stabilize around $0.85, though $0.36 may still serve as a fallback in case of any retracement.
Polygon Price Prediction 2025
In 2025, broader adoption and market trends could push Polygon higher, with a potential maximum of $2.50 in a strong bull market. The average price could hover around $1.50, with $0.80 acting as a more conservative floor if growth is slower than expected.
Polygon Price Prediction 2030
By 2030, long-term adoption and ecosystem development could drive Polygon to a peak of $8.00, as layer-2 solutions become more integral. The average price might settle around $5.50, with $3.00 acting as a minimum in a more tempered market scenario.
Polygon Price Analysis
POL (ex-MATIC) reached its all-time high of $3 in December 2021 before entering a multi-year correction. It dropped to $0.36 by June 2022, reversing to pre-pump levels. After two failed recovery attempts, $0.36 has emerged as a key support zone.
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The wave structure indicates a completed WXY correction, with the latest low of $0.35 on Sept. 6 marking the potential end.
Short-term Polygon Price Prediction
On March 13, MATIC peaked at $1.30, an 85% rise from its January low. However, a new downtrend pushed prices back to $0.36, forming a double bottom in September. If this marks the end of the downtrend, the POL price could be starting a bullish phase.
A five-wave upward pattern could drive the price to $0.70, with higher lows confirming further gains by the end of 2024.
Polygon Average True Range (ATR): POL Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On Sept. 24, 2024, Polygon’s ATR was 0.0042, suggesting low market volatility for POL.
Polygon Relative Strength Index (RSI): Is POL Overbought or Oversold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively.
Movements above and below the 50 line also indicate if the trend is bullish or bearish. On Sept. 24, 2024, the Polygon RSI was 57, indicating bullish conditions.
POL Price Performance Comparisons
Polygon Price History
Let’s take a look at some of the key dates in the POL price history . It is important to remember that past performance is no indicator of future results.
| Time period | Polygon price (Since Rebrand from MATIC to POL) |
|---|---|
| Last week (Sept. 17, 2024) | $0.3906 |
| Last month (Aug. 24, 2024) | $0.5779 |
| Three months ago (June 6, 2024) | $0.5649 |
| Launch price (October 31 2023) | $0.6483 |
| All-time high (March 13 2024) | $1.29 |
| All-time low (Aug. 5 2024) | $0.34 |
Polygon Ecosystem Token Market Cap
The market capitalization, or market cap, is the sum of the total number of POL in circulation multiplied by its price.
On Sept. 24, 2024, Polygon Ecosystem Token’s market cap was $2.9 billion, making it the 32nd-largest crypto by that metric.
Who Owns the Most Polygon?
On Sept. 24, 2024, one wallet held nearly 35% of the supply of POL.
Richest POL Wallet Addresses
As of Sept. 24 2024, the five wallets with the most POL were:
- 0x5e3ef299fddf15eaa0432e6e66473ace8c13d908. This wallet held 3,588,288,013 POL, or 34.96% of the supply.
- 0x29e7df7b6a1b2b07b731457f499e1696c60e2c4e. This wallet held 2,994,733,865 POL, or 29.18% of the supply.
- 0x401f6c983ea34274ec46f84d70b31c151321188b. This wallet held 1,582,623,752 POL, or 15.42% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance, held 840,757,843 POL, or 8.19% of the supply.
- 0xc984295ad7a950fb5031154bcfc0b6267b948706. This wallet held 177,737,301 POL, or 1.73% of the supply.
Polygon Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Total supply | 10,264,044,460 |
| Circulating Supply as of Sept. 24 2024 | 7,271,407,264 (70.84% of total supply) |
| Holder distribution | Top 10 Holders own 93.58% of total supply as of Sept. 24 2024. |
From the Polygon Whitepaper
Although POL does not have its own technical documentation, or whitepaper , Polygon, which was then known as the Matic Network, does. It says that, while people are interested in blockchain technology, many platforms slow down when they get busy, thus costing people time and money.
Although some blockchains offer solutions, they do so without supporting decentralized applications (dApps), according to the documentation.
The whitepaper says: “Matic Network strives to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem.”
What Is Polygon?
The Polygon platform, originally called Matic, allows different blockchains to link up with each other. Polygon can be seen as a kind of enhanced Layer-2 scaling solution with a cross-chain facility.
Sidechains linked to the main Polygon blockchain are powered by the POL token.
How Polygon Works
Polygon is a main blockchain with side chains running off it. It can also link to other blockchains.
POL is used to reward people who validate transactions throughout the Polygon ecosystem. People can also buy, sell, and trade it on exchanges.
Is Polygon a Good Investment?
It is perhaps a little too early to tell right now. As always with crypto, you will need to do your own research before deciding whether or not to invest in POL.
Will Polygon go up or down?
No one can really tell right now. While the Polygon crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I Invest in Polygon?
Before you decide whether or not to invest in Polygon, you will have to do your own research, not only on POL, but on other coins and tokens such as Optimism (OP). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Technical analysis by Nikola Lazic.
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FAQs
If it does, it won’t be for quite some time. Price predictions based on technical analysis suggest it won’t reach double figures until at least the 2030s. POL pays for transactions in the Polygon blockchain ecosystem. People can also buy, sell, and trade it on exchanges.Will the Polygon Ecosystem Token reach $10?
What is the Polygon Ecosystem Token used for?
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