Binance Delists MATIC, Lists New POL Token, But Market Reaction Is Muted

On the 28th of August, the Binance [BNB] exchange confirmed that it will delist Polygon's MATIC and list its new POL token

Binance exchange has announced that it will be delisting Polygon’s [MATIC] from its platform and listing its new POL token in its place.

The exchange announced on Friday that it will be delisting all existing MATIC spot trading pairs and canceling all pending MATIC spot trading orders.

“Binance will delist all existing MATIC spot trading pairs (i.e., MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT) and cancel all pending MATIC spot trading orders,” the announcement stated.

After being delisted, all trading orders will be canceled, and all bot services will be suspended. Binance also announced that it will be listing and opening trading for POL/BNB, POL/BTC, and POL/USDT on 13 September.

The exchange also announced that it will be suspending all MATIC deposits and withdrawals on Binance starting 10 September.

After delisting, all undeposited MATIC will be credited to users’ Binance wallets. Binance also stated that it will resume MATIC deposits and withdrawals after listing the POL token.

However, the market did not seem to react strongly to the news. At press time, MATIC was trading at $0.433 after experiencing a 2.84% decrease in the past 24 hours.

Moreover, in the past seven days, MATIC had dropped by 16.74%. Zooming out, the altcoin had been largely slumping since the broader crypto market experienced a retrace in March, Santiment noted.

According to the on-chain analytics platform, a recent analysis showed that MATIC might be due for a price reversal soon.

Highlighting the rising on-chain activity, Santiment noted that a recent uptick in both active addresses and days dormant coins had signaled an impending reversal.

Despite experiencing price declines, MATIC’s on-chain performance seemed to be hinting at an upcoming bullish trend.

At the time of writing, a close observation of the price chart revealed that the Chaikin Money Flow (CMF) was positive at 0.07, indicating increasing buying activity.

This suggested that there was increasing buying pressure, indicating that the lower prices presented a buying opportunity that would support a trend reversal.

Furthermore, the Open Interest Weighted Funding rate was also positive at press time. This indicated that over the past 24 hours, many investors were betting on increasing prices.

Hence, there was an increased demand for long positions. When investors go long, it usually signifies a bullish market sentiment.

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