Polygon’s native token, POL, is showing strong bullish momentum just ahead of the highly anticipated Heimdall v2 mainnet upgrade, scheduled for July 10. With the upgrade being described as the most technically complex change to Polygon’s proof-of-stake (PoS) chain since its launch, investor excitement is mounting.
POL Token Surges as Upgrade Nears
POL is currently trading at $0.2001, showing a 7% rise in the last 24 hours and an 11% increase over the past week. The trading volume has jumped by a massive 71.4%, now standing at $92 million, according to Coinglass. Derivatives trading volume is also surging, up 67.87% to $83.75 million, with open interest climbing 10.98% to $98.7 million.
These figures reflect growing investor interest and suggest traders are positioning themselves ahead of the upgrade.
Heimdall v2: What’s New?
According to Polygon co-founder Sandeep Nailwal, the Heimdall v2 upgrade is the most technically advanced hard fork since the launch of the PoS chain in 2020.
Here’s what’s changing:
- Consensus layer upgrade: From the older Tendermint and Cosmos-SDK v0.37 to the more modern CometBFT and Cosmos-SDK v0.50.
- Legacy code removal: Outdated code from 2018–2019 will be removed, reducing technical debt and improving maintainability.
- Security and performance boost: The new CometBFT layer enhances security, stability, and traceability, making Polygon more attractive for regulated sectors.
This upgrade is also a key part of Polygon’s roadmap to scale its network. With Heimdall v2, the network aims to process 1,000 transactions per second (TPS) this month, with a target of 5,000 TPS by October using AggLayer.
Upgrade Details and Compatibility
The mainnet upgrade is scheduled to happen on July 10, between 2:00 PM and 5:00 PM UTC, at block height 24,404,500.
Important points to note:
- Node operators must upgrade to Heimdall v1.2.5 for full compatibility. Alternatively, they can use v1.2.4 as a fallback.
- During the migration, finality may be delayed by up to 3 hours. Developers and dApps are advised to increase confirmation thresholds temporarily.
- Testnet success: The update was already rolled out on the Amoy testnet on June 24, with successful testing of key proposals like PIP-62 and PIP-44, which enhance dependency handling and genesis state import.
The upgrade is expected to proceed smoothly based on the testnet experience.
Technical Indicators Suggest Bullish Momentum
From a technical analysis perspective, POL is showing signs of a potential breakout:
- The token is trading above both the 20-day EMA ($0.1686) and 20-day SMA ($0.1823).
- Bollinger Bands are widening, signalling increased volatility.
- POL recently broke the upper Bollinger Band at $0.1960, a bullish signal.
- The Relative Strength Index (RSI) stands at 56.78, indicating growing momentum without being in overbought territory yet.
If the price holds above the $0.196 support, POL could target the $0.22–$0.24 resistance zone next. However, if it fails to maintain momentum, a pullback to $0.168 (lower Bollinger Band) is possible.
Upgrade Success is Key
While the charts and sentiment look promising, Polygon’s short-term price action will heavily depend on the successful rollout of Heimdall v2. Any hiccups during or after the upgrade could impact investor confidence.
However, if all goes smoothly, this upgrade may mark the beginning of a new growth phase for Polygon’s PoS chain and potentially open the door for broader adoption in enterprise and regulated sectors.
For now, all eyes are on July 10, as the Polygon community waits to see if Heimdall v2 delivers on its high expectations.
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