POL Price Eyes Upsurge as Polygon Prepares 100M Token Burn
Polygon's native token POL has established itself as a potential candidate for further price growth. According to analysts, the current technical support level is being effectively defended by buyers. This confluence of a rising trendline and horizontal support on the daily chart serves as a solid base for another upward move.
The current trading price of approximately $0.10 has been well-supported by this technical structure. The token's recent price action, including a close at $0.1069 on September 18, has shown resilience in the face of potential selling pressure.
In addition to its technical merits, POL is also poised for significant changes due to Polygon's tokenomics. Sandeep Nailwal, CEO of the Polygon Foundation, has announced plans to permanently burn 100 million POL tokens once contracts are finalized and deployed on mainnet.