Key Highlights
- Polygon users faced an outage on Heimdall v0.2.16 at block height 74,592,238
- Matic Foundation advises node operators to halt all upgrades until further notice
- POL targets a breakout with the next crucial resistance mark at $0.28
On July 30, Polygon users experienced disruptions as the network appeared to halt block production for over an hour, sparking concerns over a potential outage.
According to the latest update, the outage has been resolved. The outage lasted 1 hour, which occurred due to an unidentified validator’s exit from the network.
However, Polygon Labs promptly clarified that the chain itself is not down; instead, the issue comes from a data update in Polygonscan, its block explorer, and some RPC providers needing to patch their systems.
According to the latest update on QuickNode, the team writes that “We are in the process of resetting both our Erigon and Bor nodes. We were forced to resync all of our full nodes and reset our Erigon nodes. We are working as fast as we can, and services will be restored as soon as possible.”
The Polygon mainnet has ground to a standstill, freezing at block height 74,592,238 following a botched upgrade to Heimdall v0.2.16, the network’s consensus layer.
The Matic Foundation has now paused the rollout after observing compatibility issues with execution-layer clients Bor and Erigon. They have also warned node operators to halt all upgrades until further notice.
The disruption has triggered a network-wide stall, halting block production and impacting all transactions. Developers are working to resolve the issue, but no immediate fix has been announced.
The incident raises fresh concerns over upgrade risks in major Layer 2 networks, particularly as Polygon remains a top choice for Ethereum scaling.
The foundation has assured users that updates will follow once a solution is confirmed. For now, validators and RPC providers are advised to avoid manual interventions until an official patch is released.
Price Targets: Where Could Polygon (POL) Go Next?
At the time of writing, POL is trading at around $0.23 with a 1% drop, holding $2.29 billion market capitalization, according to CoinMarketCap.
Polygon’s POL token is currently holding above a crucial support zone between $0.19 and $0.21, a level that has repeatedly acted as a floor for its price in recent months.
As of the latest update, POL is trading at $0.2177, down 5% over the past day and 11% for the week. Analysts are closely watching this support area, noting that a sustained hold above $0.15 on higher timeframes could signal a potential buying opportunity.
However, a drop below this threshold would break the current market structure and could lead to further declines.
Traders are eyeing the $0.28 mark as the next key resistance level. A decisive breakout above this point, followed by a successful retest, could confirm a bullish trend reversal.
If POL manages to clear this hurdle, analysts project upside targets at $0.41, $0.52, $0.70, and even as high as $1–$2 in the longer term. A move to $0.70 from current levels would represent a gain of over 270%, fitting into what some describe as an “accumulation to expansion” phase—a period of consolidation before a potential upward surge.
Market sentiment around POL remains mixed. While public chatter leans bullish, some data models suggest caution, indicating a disconnect between trader optimism and underlying market signals.
Despite the recent price dip, trading volume remains active at $97.8 million in the past 24 hours, showing continued interest in the asset. Meanwhile, Polygon’s zkEVM chain has faced challenges, with declining activity and adoption.
Researcher Lorenz Lehmann notes that the chain has not integrated Ethereum’s Blob upgrade and is operating at an annual loss exceeding $1 million.
Total value locked (TVL) on the zkEVM network has also plummeted from its early 2024 peak of $187 million to under $20 million, raising questions about its long-term viability.
As traders weigh POL’s technical setup against broader ecosystem developments, the coming weeks could prove critical for its price trajectory.
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