Binance Announces MATIC To POL Token Swap Support, Is Breakout Imminent?

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As a seasoned crypto investor with a knack for navigating the volatile digital asset landscape, I find myself both intrigued and cautious about Binance’s announcement of its support for the Polygon (MATIC) token swap to Polygon (POL).

Starting from September 2024, Binance will facilitate the transition of Polygon‘s MATIC tokens into Polygon’s new token, POL, as part of the upcoming token swap.

This action conforms to the wider shifts happening across the Polygon network, as it switches from MATIC to the freshly introduced POL token. Although the news was released, the value of POL has dropped significantly.

Binance Announces MATIC To POL Token Swap Support

As an analyst, I’m sharing information based on a press release: Binance has announced that it will remove all Matic (MATIC) spot trading pairs from its platform on September 10, 2024, at 03:00 UTC. This decision affects pairs such as MATIC/BNB, MATIC/BTC, and MATIC/USDT.

After the removal of MATIC from the trading platform, all open orders related to this cryptocurrency will be automatically cancelled. Additionally, our trading bot services linked to these pairings will cease operation. To prevent possible financial losses, users are advised to either cancel their existing trading bots or adjust them accordingly.

Starting on September 13, 2024, at 10:00 UTC, trading for the new POL token pairs will begin. The crypto exchange will manage all technical aspects during the swap, swapping all MATIC tokens to POL at a rate of 1:1, making the transition smooth for users. Yet, the specific time for resuming POL deposits and withdrawals is still undetermined.

With the imminent token swap on the Polygon network, security issues have arisen. Lately, the official Polygon community Discord server has been breached, causing unease among users. Unscrupulous hackers seized control of the channel and spread phishing links in an attempt to capitalize on the forthcoming transition from MATIC to POL.

Suspension of Deposits, Withdrawals, and Margin Trading

Due to the transition process, Binance will stop accepting MATIC deposits and processing MATIC withdrawals starting September 10, 2024, at 03:30 UTC. Users are encouraged to finish any outstanding deposits before this time. Additionally, after the transition is finished, Binance won’t support withdrawals of MATIC tokens on their platform anymore.

On September 2nd, margin trading for MATIC will be impacted due to the suspension of individual margin loans. Furthermore, all MATIC trading pairs in both Cross and Isolated Margin will be fully phased out on September 5th, 2024, at 11:00 UTC.

Binance Margin will automatically settle and close all positions, converting any remaining MATIC balances to other stable assets as needed. As a result, users should transfer their MATIC holdings to Spot Wallets to avoid any complications during the delisting process.Concurrently, the crypto exchange will also make adjustments to its Futures and Loans services.

Starting September 4th, MATIC Futures contracts will be set to close and settle automatically. After settlement, all MATIC positions will be delisted. It’s recommended that users close their MATIC positions before the stated times to prevent automatic settlement.

MATIC Price Rally Amid Market Activity

Although Binance continues to provide its backing, Polygon has experienced a downtrend alongside other cryptocurrency networks since the broader market correction started in March. Nevertheless, on-chain data hints at an approaching turnaround for MATIC.

Binance Announces MATIC To POL Token Swap Support, Is Breakout Imminent?

As a crypto investor, I’ve noticed an uptick in active wallets and dormant coin transactions, which are often indicators of a possible price reversal. According to Santiment, these active addresses have reached their second-highest level this year, and whale activities show approximately $69 billion in movement. This suggests that the market might be gearing up for a potential shift.

As a crypto investor, I’m keeping a close watch on the MATIC price movements since it’s hovering near significant technical thresholds. According to CoinGape’s analysis, if MATIC manages to maintain its position above the $0.5065 support level, we might witness an upward trend with potential targets at $0.65.

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2024-08-28 23:38