Could This Signal a Price Breakout?

• Binance’s support for the MATIC to POL swap could be a catalyst for a price breakout, especially if MATIC maintains key support levels amid growing on-chain activity.
• With Binance delisting MATIC pairs and closing related positions, market adjustments could impact MATIC’s short-term performance, but long-term potential for a rally remains if support holds.

As anticipated in a previous CNF update on Polygon’s preparation for the POL upgrade with major MATIC transfers, Binance will delist all MATIC spot trading pairs, including MATIC/BNB, MATIC/BTC, and MATIC/USDT, on September 10, 2024, at 03:00 UTC.

Following this, Binance will cancel all MATIC trading orders and terminate trading bots associated with these pairs. In addition to the token swap, Binance will also suspend margin trading for MATIC from September 2 and remove MATIC pairs from margin trading by September 5.

Could Binance support signal a price breakout?

It is important to note that all futures contracts and loan positions related to MATIC will be closed automatically, and users are advised to settle these positions and repay loans before the deadlines to prevent issues during the transition.

Despite the support from Binance, the POL token is currently experiencing a decline. However, on-chain data indicates a potential reversal for MATIC, with increased active addresses and significant whale movements suggesting a possible price rally if MATIC holds above the $0.5065 support level, with targets potentially reaching $0.65.

Binance’s support in the market is indeed needed for a price breakout. As of today, Polygon (MATIC) is trading at $0.439, having decreased by 4.64% in the past day and 17.48% in the past week. See MATIC price chart below.

Recommended for you: