Solana’s capitalization exceeds Polygon’s

Polygon (MATIC) has dropped out of the top ten cryptocurrencies by market capitalization according to the CoinMarketCap platform. Its place is now occupied by Solana (SOL), one of the developers of which is Ukrainian Anatoly Yakovenko.

Over the past day, MATIC cryptocurrency has fallen in price by more than 3%, while SOL has added about 1%. The market dynamics over the past day has led to the price of MATIC dropping below $ 1, while SOL has broken the $ 25 barrier. At the time of writing, Solana’s total market capitalization is just under $ 9.3 billion, while Polygon’s is just over $ 8.6 billion.

In recent months, many tokens have fallen in price due to the negative news background for the entire crypto market. In the fall and winter, the FTX bankruptcy case led to a significant decline in quotations.

Despite this, the long-term positive attitude towards MATIC has only recently gained strength among investors, which is why the cryptocurrency has entered the top 10 in terms of capitalization. In addition, the project’s activity in the NFT market was a positive factor for MATIC, as some projects switched from Solana to Polygon. However, this did not help MATIC maintain its advantage.