Polygon (POL) rose over 9% in the last 24 hours, with a surge in volume ahead of the Heimdall v2 Mainnet upgrade.

On the eve of the highly anticipated Heimdall v2 Mainnet upgrade (scheduled for July 10, 2 PM to 5 PM UTC), Polygon's native token POL (formerly MATIC) has shown strong pump momentum, attracting the attention of numerous Crypto Assets investors and Blockchain developers.

📈 POL price and market data overview

• Current Price: $0.2026 (Gate data)
• 24-hour rise: +9%
• 7-day rise: +11%
• Spot Trading Volume: Soared to $92 million (24-hour surge of 71.4%)
• Derivatives Trading Volume: Soared to $83.75 million (24-hour growth 67.87%)
• Open Contracts: Rose to $98.7 million (increase of 10.98%)

These significant growing market data clearly indicate that around this upgrade, the activity of the Polygon ecosystem has greatly increased in both the spot market and derivatives trading, and the market has an optimistic outlook on the POL token price trend.

⚙️ Heimdall v2 Mainnet upgrade: What is its significant meaning?

Polygon co-founder Sandeep Nailwal emphasized that since the launch of the Polygon PoS chain in 2020, Heimdall v2 is the "most technically complex hard fork." This upgrade is crucial for the Polygon technology roadmap:

1. Consensus Layer Innovation: Upgrade the consensus layer from Tendermint and Cosmos-SDK v0.37 to CometBFT and Cosmos-SDK v0.50.
2. Streamline the codebase: Remove the legacy code from 2018-2019, significantly reduce technical debt, and enhance network maintainability.
3. Enhance Core Performance: The new CometBFT consensus layer significantly improves the network's security, stability, and traceability, which is crucial for attracting regulated Web3 applications.
4. Paving the Way for Expansion: This upgrade is a key step in the Polygon PoS chain throughput enhancement plan, aiming to reach 1,000 TPS in July, and ultimately achieve the high-performance Blockchain goal of exceeding 5,000 TPS in October through AggLayer.

⚠️ Upgrade Details and Node Operation Guide

• Upgrade Time Window: UTC time July 10, 14:00 - 17:00 (Block Height 24,404,500).
• Node operators attention: To ensure post-fork compatibility, you must switch the node to Heimdall v1.2.5 or revert to v1.2.4.
• Potential Impact:
  • Final determinism during the migration period may be delayed for up to 3 hours.
• It is recommended that dApp developers temporarily increase the transaction confirmation threshold to ensure the stability of on-chain applications.

Practical Tips: The upgrade was successfully deployed on June 24 on the Amoy Testnet, testing key improvement proposals PIP-62 (dependency handling) and PIP-44 (genesis state import). The team is confident about the smooth transition to Mainnet.

📊 POL Technical Analysis: Is a breakout imminent?

From the daily chart, POL shows early signals of a breakout pump:

• Key Moving Average Breakthrough: The price has successfully risen above the 20-day Exponential Moving Average (EMA $0.1686) and the 20-day Simple Moving Average (SMA $0.1823).
• Bollinger Bands Signal:
  • The Bollinger Bands channel begins to expand, indicating an increase in volatility.
  • The intraday price broke through the upper band ($0.1960), indicating strong pump momentum.
• Relative Strength Index (RSI): Currently at 56.78, close to but not yet in the overbought zone, still has upward potential.
• Potential Target:
  • If the bulls can hold $0.196 (which has turned from resistance to support), the POL price prediction points to the range of $0.22 - $0.24.
  • If it falls below $0.19, the price may retreat to Bollinger Band lower band ($0.168) seeking support.

🔮 Summary: Successful upgrade is the key catalyst.

Although technical indicators currently depict a bullish outlook, the short-term price trend of POL largely depends on the network stability and final outcomes of the July 10 Heimdall v2 Mainnet upgrade. This upgrade has a profound impact on the Polygon ecosystem development and POL token value, making it worthy of close attention from crypto assets traders and long-term holders.