POL token surges as Polygon PoS records its largest single-day burn in history.
Polygon's POL token has emerged as the best-performing asset in the top 100, surging over 35% in the past week.
POL has rocketed from multi-month lows below $0.10 to approximately $0.15, marking its strongest weekly performance since the token's rebrand from MATIC. The rally accelerated after Polygon PoS recorded its highest single-day token burn in history on January 5, with over 3 million POL permanently removed from circulation.
Network fees have surged alongside the price movement. Daily fees climbed significantly from their early January baseline, hitting their highest level since late 2024. This spike pushed Polygon to the number one spot for blockchain network revenue over the past seven days.
The rally coincides with Polygon's strategic pivot toward the "Open Money Stack," a modular framework designed to enable seamless cross-chain transactions between fiat and cryptocurrency. CEO Marc Boiron has emphasized that the company is focusing on building infrastructure for applications, financial services, and payments rather than chasing short-term price narratives.
The combination of record burns reducing supply and surging network activity generating real revenue suggests growing organic demand for the Polygon ecosystem. Trading volume has surged above $300 million in 24 hours, with market capitalization climbing above $1.6 billion.
Technical indicators suggest the rally may pause for consolidation. The RSI has entered overbought territory, and whale wallets holding between 100 million and 1 billion POL have trimmed positions since January 3. The key support level sits at $0.155, which acted as a floor in November. If POL holds above this level, the current gains could solidify before another leg higher.
This is a developing story. Polygon's fundamentals-driven rally contrasts with speculative pumps seen elsewhere in the market, but overbought conditions warrant caution in the near term.
Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
