Solana (SOL) Overtakes Polygon (MATIC) In Terms of Market Cap

• MATIC’s price dropped 3.01% over the last 24 hours.
• The launch of MATIC’s zkEVM is driving the gradual increase in positive sentiment for MATIC.
• MATIC has also been performing well in the NFT space.

Polygon (MATIC) has dropped out of CoinMarketCap’s top 10 list of biggest cryptos in terms of market cap after Solana (SOL) took over the number 10 position on the list. Ranked at number 11, MATIC experienced a 3.01% drop in price over the last 24 hours according to CoinMarketCap. Meanwhile, SOL’s price was able to gain 1.04%.

The recent 24-hour price movements of MATIC and SOL has resulted in MATIC’s price trading at $0.9911 and SOL’s price trading at $25.19. At press time, the market cap of SOL stands at approximately $9,351,124,002 and MATIC’s market cap currently stands at around $8,656,510,773.

Over the last few months, the crypto market has been hit with its fair share of negative news, causing market-wide price tumbles. Despite this, however, long-term sentiment towards MATIC has increased in recent months. 

One of the main contributing factors to this gradual increase in positive sentiment towards MATIC is the launch of the project’s much talked-about zkEVM.

Another metric that is bullish for MATIC is its performance in the NFT space as the project formed a number of key partnerships in both the NFT and non-NFT space. Once such partnership that was formed in the NFT space is with Rarible. In fact, 109 Rarible NFTs were sold with a total sales volume of $8.26k in the past 7 days.

MATIC’s MVRV Ratio increased over the last week, which is another bullish metric for the Layer-2 project. Lastly, net MATIC deposits on exchanges were low compared to the seven-day average. This may be an indication of less selling pressure. 

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Post Views: 3