- Polygon (POL) surged nearly 7% in 24 hours, reaching a high of $0.1975 ahead of the Heimdall v2 upgrade.
- Trading volume jumped 31.94%, reflecting renewed investor interest as the July 10 launch nears.
- Heimdall v2 introduces a major overhaul, slashing finality to 5 seconds and eliminating legacy technical debt.
The price of Polygon’s native token, POL, is pushing against a key resistance level and eyeing a major breakout as the network prepares to launch its most technically complex hard fork ever today, July 10.
POL has jumped nearly 7% in the last 24 hours, hitting a daily high of $0.1975, with trading volume spiking 31.94%. indicating renewed market interest ahead of the upgrade.
The Catalyst: What Is the Heimdall v2 Upgrade?
The Heimdall v2 hard fork is the most ambitious in Polygon’s history. It revamps the network’s consensus layer to a newer, more efficient system (CometBFT and Cosmos SDK v0.50)
For users, the main benefit is a massive improvement in speed. Transaction finality times are expected to be slashed to just 5 seconds, which will lead to a smoother user experience and safer bridging to other networks. Polygon co-founder Sandeep Nailwal stated that Heimdall v2 also clears out all the legacy technical debt from the network’s early architecture.
Related: Polygon to Replace MATIC with POL Token, Price Impact Analysis
With a warning on short-term volatility
While the Polygon team expects the “smoothest upgrade yet,” Nailwal also issued a warning to node operators. He advised them to prepare for a three-hour migration window on July 10, during which network finality could experience some lag.
Nailwal recommended that dApps on the network temporarily increase their confirmation block requirements to 256 blocks to avoid any risks during the transition.
POL’s Breakout Levels to Watch
As per the daily chart below, the MACD has flashed a bullish crossover, with the MACD line crossing above the signal line. The BOP indicator is currently positive, indicating that buyers are gaining control and exerting pressure over the bears.
Meanwhile, the RSI is at 54.88, the RSI is in neutral territory but trending upwards, leaving ample room for further price appreciation before entering overbought territory.
The price action is approaching the key 0.786 Fib resistance level around $0.1983. A confirmed breakout above this level could pave the way to the 1.618 Fib extension at $0.1467 (a prior support flipped to resistance), and potentially higher if bullish momentum sustains.
Related: Polygon (POL) Price Prediction 2024-2030: Will MATIC Price Hit $2 Soon?
On the other hand, support rests around the 0.618 Fib level ($0.182), which could act as a pullback zone in case of short-term profit-taking.
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