Polygon's POL Token Sees 12% Price Surge After 100M Token Burn

Polygon's POL token has seen a significant price increase of nearly 12% since the network permanently removed 100 million tokens from circulation on September 23.

The burn, which is worth around $10.22 million at the time, was completed by the Polygon Foundation's CEO Sandeep Nailwal and reduced the available supply by about 1%.

The price of POL has climbed to around $0.113, but its next challenge is holding above the $0.11 price level and overcoming resistance near the $0.115 price area.

According to TradingView, if POL can move above the $0.115 price area, it could approach the $0.12 price level, but the $0.12, $0.125 region may prove more difficult as the price saw a sharp rejection there earlier in September.