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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets

Solana Jumps To 11th In Market Cap List, Can It Dethrone Polygon For 10th?

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana has jumped to 11th on the top crypto by market cap list today. Can the coin continue this and dethrone Polygon from the 10th spot?

Solana Continues Uptrend, Registers 25% In Gains Today

This new year so far has been a fantastic time for Solana investors as the asset has constantly been moving upwards. But even considering that, SOL seems to have picked up another gear today as the coin has noticed some rapid growth.

At the time of writing, Solana is trading around $17.3, up 25% in the last 24 hours. The below chart displays the trend in the crypto’s price over the past month:

Solana Price Chart

Looks like the value of the crypto has shot up recently | Source: SOLUSD on TradingView

As displayed in the graph, Solana was declining in December as the coin ended its terrible year, 2022, but since 2023 has started, the coin has caught some sharp upwards momentum. In the last week alone, SOL is up a whopping 55%, more than double what Cardano (ADA), the 2nd best performer among top coins, has managed during the same period.

Related Reading: Bitcoin Whales Sleep As $10M+ Transfers Make Up Only 19% Of Total Volume

In terms of year-to-date returns, Solana has already accumulated profits of about 73%. This uptrend has also fully canceled out the bad performance from December, but even this rapid growth has been nowhere enough to fix the losses incurred from the FTX crash.

Nonetheless, the recent incredible performance has impacted the coin’s placement in the sector, as seen from the market cap.

SOL Is Now 11th Largest Coin Based On Market Cap

Not long ago, Solana had fallen below 15th in the top crypto-list as the other coins outperformed it. But the coin’s streak of uptrend has massively changed where it stands in the wider market now. Here is how SOL lines up against its competitors in the top crypto list, which is based on the criteria of market cap:

Solana Vs Polygon Market Cap

The crypto currently seems to have a market cap of $6.4 billion | Source: CoinMarketCap

Solana has now climbed to the 11th spot on the list, right on the edge of entering back into the top ten. Polygon (MATIC) is currently the 10th-placed coin, and it has also been enjoying some uptrend in the past week.

However, as Solana’s gains are much better than Polygon’s, SOL should surpass it in due time and claim the spot for itself. But of course, that also assumes that the two coins keep going in the same trajectory.

Related Reading: Bitcoin Miners Stop Selling – Is This A Bottom Signal?

Signs are looking in Solana’s favor so far, as a Polygon whale has deposited 9 million MATIC to Binance in the past 24 hours:

🚨 9,000,000 #MATIC (7,579,412 USD) transferred from unknown wallet to #Binancehttps://t.co/HR8OF39jsi

— Whale Alert (@whale_alert) January 8, 2023

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

Featured image from GuerrillaBuzz Blockchain PR Agency on Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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