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Polygon Crypto News – 5 Reasons Why Polygon (POL) Price Is Set to Surge in 2024

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Polygon Crypto News - 5 Reasons Why Polygon (POL) Price Is Set to Surge in 2024

Polygon Crypto News – Polygon’s Rebrand to POL: What It Means for Investors

Polygon Crypto News – Since the rebrand of Polygon (MATIC) to POL on September 13, the token has experienced a surge in price, signaling fresh momentum for the project. While a brief sell-off occurred immediately following the launch, the token’s recovery has been impressive, with POL finding support around $0.37 before embarking on an upward trajectory. The main concern during the rebrand was the shift in tokenomics from a fixed supply of 10 billion for MATIC to an infinite supply for POL, which caused initial investor hesitation. However, the market has since absorbed this change, and Polygon appears poised for long-term growth.

Let’s dive into the five key reasons why investors are increasingly bullish on Polygon (MATIC) and why its price is likely to continue its upward momentum.

1. Rapidly Growing Network

One of the primary drivers of Polygon’s bullish momentum is its rapidly expanding network. According to data from Santiment, the network grew by an astounding 1,019% over the past 30 days, making it the fastest-growing blockchain network, even surpassing WETH on the same network. This significant growth indicates that more users are joining and interacting with the platform, which could potentially drive demand for the POL token. Increased network activity typically correlates with higher transaction volumes, which in turn enhances the network’s value and utility.

2. zkEVM Technology: A Game Changer for Polygon

Another reason why Polygon stands out in the blockchain ecosystem is its relentless pursuit of zkEVM (Zero-Knowledge Ethereum Virtual Machine) technology. This Layer 2 solution aims to enable the Polygon network to perform similarly to the Ethereum Virtual Machine (EVM) but with faster finality thanks to off-chain transaction processing. Once zkEVM is fully implemented, Polygon could become faster than Ethereum, attracting more developers and investors, further boosting the demand for POL.

zkEVM is also expected to resolve the scalability challenges that many blockchains face, positioning Polygon as a leader in blockchain technology. As this narrative gains traction, it could further support POL’s price.

3. POL Is Currently Undervalued

At its current price of $0.43, POL offers a compelling opportunity for investors. The token is seen as undervalued, particularly considering Polygon’s strong fundamentals and promising growth prospects.

According to Santiment, the 365-day Market Value to Realized Value (MVRV) ratio sits at -34.84%, which means that on average, investors who purchased POL in the last year are holding it at a 34.84% loss. This negative MVRV suggests that selling pressure might be minimal, as investors are unlikely to sell at a loss. Additionally, a deeply negative MVRV ratio can be indicative of a potential bottoming out, setting the stage for a recovery in POL’s price as market sentiment shifts.

Polygon Crypto News - 5 Reasons Why Polygon (POL) Price Is Set to Surge in 2024

4. Strategic Partnerships and Integrations

Polygon’s credibility and visibility are also being boosted by a series of strategic partnerships and integrations. Some of the most notable include partnerships with DeFi platforms like Aave and Curve, which are critical players in the decentralized finance space. These collaborations help expand Polygon’s ecosystem, attracting more users and developers to the network.

For instance, on September 25, Assetera launched Europe’s first regulated tokenized RWA (Real-World Assets) market on Polygon. The platform is set to offer 24/7 trading of tokenized real-world assets and is backed by the Austrian Financial Market Authority and MiFID II compliance. This milestone further cements Polygon’s standing as a trustworthy platform for both traditional and crypto-based financial applications.

5. The Impact of the Name Change to POL

The rebrand from MATIC to POL came with an interesting incentive for investors: MATIC was exchanged for POL at a 1:1 ratio, and POL stakes are now eligible for new benefits. As Polygon continues to evolve, the new AggLayer presents a solution to fragmented liquidity issues within the Layer 2 ecosystem, which could lead to more opportunities for POL stakers, including potential airdrops.

The name change has not only reinvigorated the project but also created excitement around the network’s future, adding to the positive outlook for POL.

Should You Buy Polygon (POL)?

Given the combination of Polygon’s rapidly growing network, cutting-edge technology, strategic partnerships, and its current undervaluation, the project presents a compelling investment opportunity. The scalability potential of the Polygon network, along with its relatively low price, makes it an attractive option for investors looking to enter the crypto market with a promising asset.

Furthermore, with the continued development of zkEVM and increased adoption across both DeFi and traditional finance sectors, Polygon is well-positioned to experience significant growth in the near future. The current price point of $0.43 could be an excellent entry for investors who believe in the long-term vision of the Polygon ecosystem.

Investing in Polygon (POL) now could potentially offer substantial returns as the network grows and solidifies its position as a leading Layer 2 solution for Ethereum and the broader blockchain space.

Polygon Crypto News - 5 Reasons Why Polygon (POL) Price Is Set to Surge in 2024

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