Solana Now 11th In Market Cap, Can It Flip Polygon For 10th?

Solana has jumped to eleventh on the highest crypto by market cap record as we speak. Can the coin proceed this and dethrone Polygon from the Tenth spot?

Solana Continues Uptrend, Registers 25% In Features In the present day

This new 12 months thus far has been a improbable time for Solana traders because the asset has continuously been shifting upwards. However even contemplating that, SOL appears to have picked up one other gear as we speak because the coin has seen some speedy development.

On the time of writing, Solana is buying and selling round $17.3, up 25% within the final 24 hours. The beneath chart shows the development within the crypto’s worth over the previous month:

Appears to be like like the worth of the crypto has shot up lately | Supply: SOLUSD on TradingView

As displayed within the graph, Solana was declining in December because the coin ended its horrible 12 months, 2022, however since 2023 has began, the coin has caught some sharp upwards momentum. Within the final week alone, SOL is up a whopping 55%, greater than double what Cardano (ADA), the 2nd greatest performer amongst prime cash, has managed throughout the identical interval.

By way of year-to-date returns, Solana has already gathered earnings of about 73%. This uptrend has additionally totally canceled out the dangerous efficiency from December, however even this speedy development has been nowhere sufficient to repair the losses incurred from the FTX crash.

Nonetheless, the latest unimaginable efficiency has impacted the coin’s placement within the sector, as seen from the market cap.

SOL Is Now eleventh Largest Coin Primarily based On Market Cap

Not way back, Solana had fallen beneath fifteenth within the prime crypto-list as the opposite cash outperformed it. However the coin’s streak of uptrend has massively modified the place it stands within the wider market now. Right here is how SOL traces up in opposition to its opponents within the prime crypto record, which is predicated on the standards of market cap:

Solana Vs Polygon Market Cap

The crypto at the moment appears to have a market cap of $6.4 billion | Supply: CoinMarketCap

Solana has now climbed to the eleventh spot on the record, proper on the sting of coming into again into the highest ten. Polygon (MATIC) is at the moment the Tenth-placed coin, and it has additionally been having fun with some uptrend previously week.

Nonetheless, as Solana’s features are a lot better than Polygon’s, SOL ought to surpass it in due time and declare the spot for itself. However after all, that additionally assumes that the 2 cash preserve stepping into the identical trajectory.

Indicators are wanting in Solana’s favor thus far, as a Polygon whale has deposited 9 million MATIC to Binance previously 24 hours:

If the whale made this Polygon deposit for dumping the coin, it might impede the rally and assist Solana overtake the crypto.

Featured picture from GuerrillaBuzz Blockchain PR Company on Unsplash.com, chart from TradingView.com

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.