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Polygon loses to Solana in market cap – fret not, as it grows in this sector  

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Polygon loses to Solana in market cap - fret not, as it grows in this sector  
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  • Solana flipped Polygon to become the 10th largest crypto in terms of market cap.
  • Polygon’s NFT ecosystem witnessed growth with increased trade count and new integrations.

Over the last few months, there were several upsetting news stories that negatively affected the crypto industry, notably the FTX crash. However, despite this, long-term sentiments towards Polygon [MATIC] increased in recent months. This gradual increase could be attributed to the launch of Polygon’s much talked-about zkEVM. 

While Polygon’s positive sentiments increased, its price action also remained bullish in the last week, thanks to the current market conditions. CoinMarketCap’s data revealed that MATIC’s price increased by 8% in the last 24 hours, and at press time, it was trading at $1.02 with a market capitalization of over $8.9 billion.

Unfortunately, despite the price pump, MATIC lost its position as the 10th largest crypto in terms of market cap to Solana [SOL]. 

Read Polygon’s [MATIC] Price Prediction 2023-24

Polygon’s NFT space is on fire!

Not only did MATIC’s price register an uptick, but the network’s performance in its NFT space also looked optimistic. For instance, Polygon partnered with Rarible. With this, any Polygon-based NFT collection could use the new self-serve tool to build their own customized marketplaces.

Moreover, in the past seven days, 109 Rarible NFTs were sold with a total sales volume of $8.26k. Santiment’s chart revealed that the total number of NFT trade counts and total trade volume in USD on Polygon spiked as well.  

Source: Santiment

How much are 1,10,100 MATICs worth today?

What do the metrics suggest?

MATIC’s performance on the metrics front looked bullish, which increases the chances of a continued price surge. For example, MATIC’s MVRV Ratio increased in the last week. MATIC’s net deposits on exchanges were low, compared to the seven-day average, suggesting less selling pressure. Moreover, the total number of active wallets used to send and receive coins also registered an increase, which looked bullish.

Nonetheless, MATIC’s network growth went down sharply on 21 January. MATIC’s social dominance also decreased over the last few days, reflecting the token’s lower popularity in the crypto space.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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