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Solana Surpasses Polygon (MATIC) as SOL Becomes Top 10 Again

Sun, 01/15/2023 - 14:23
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Gamza Khanzadaev
Solana (SOL) has reclaimed top 10 spot from Polygon (MATIC) after massive price increase
Solana Surpasses Polygon (MATIC) as SOL Becomes Top 10 Again
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It seemed impossible for another two months, but it happened, and SOL is back in the top 10 largest crypto assets by capitalization, according to CoinMarketCap. It seemed impossible because Solana's place in the ranking was taken by Polygon's native blockchain token, MATIC, which is the main currency in Ethereum's rapidly growing Layer-2 network, but no such luck.

The reason, of course, lies in SOL's meteoric rise in price in 2023, with the Solana token being one of the leaders in growth rate among the 100 largest crypto assets. SOL posted a 134% increase in price in January, while MATIC rose "only" by 28.9%.

SOL v. MATIC by CoinMarketCap

Here's What Fueled Solana's (SOL) Massive 50% Rise in Hours: Details

As a result, Solana's capitalization since the beginning of 2023 has added $4.7 billion against Polygon's $1.85 billion and moved from 16th place in the ranking to the top 10.

Knocked down, not out

It is not just the price of the Solana token that has recovered to at least decent levels, however, but also activity on the network. According to Token Terminal, the daily number of active blockchain users has returned to "pre-FTX" levels, above 150,000. At the same time, the number and amount of fees increased accordingly, as did the revenue of validators.

Top SOL NFT Collections Migrate to Polygon (MATIC), Solana Founder Reacts

Activity in the NFT segment, traditionally a strong market for Solana, has also increased. The funny thing is that this comes just days after major digital art studios migrated from Solana to Polygon.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.