Polygon overtakes Solana in terms of marketcap, but here’s an issue

• Polygon outgrew Solana when it comes to market cap.
• It witnessed development within the NFT sector; nonetheless, costs continued to say no.

In keeping with a 29 December tweet by economist Alex Kruger, latest developments boosted Solana [SOL], doubling its marketcap to twice that of Polygon [MATIC]. One purpose for the rising curiosity in Polygon could possibly be its rising NFT market.

$MATIC market cap > 2 * $SOL market cap pic.twitter.com/dydCTPNKDz

— Alex Krüger (@krugermacro) December 29, 2022

   Learn Polygon’s [MATIC] Value Prediction 2023-2024

Stolen y00t

Over the past week, main NFT collections, akin to y00ts from the Solana community, migrated to different cryptocurrencies. Together with that, different occasions akin to Donald Trump launching his NFT assortment on Polygon and social media giants akin to Reddit and Instagram collaborating with Polygon impacted the NFT market positively.

In keeping with knowledge supplied by Dune Analytics, the weekly quantity for Polygon’s NFT marketplaces elevated.

Supply: Dune Analytics

Regardless that Polygon generated curiosity in its NFTs, the identical curiosity wasn’t mirrored in MATIC’s costs. The worth of the token declined after 14 December. The worth stayed within the $0.81 and $0.77 vary for every week and declined additional by 8.19%. 

MATIC was testing the $0.745 help at press time. Its RSI was within the oversold area, suggesting that there could possibly be a risk of a value reversal. Nonetheless, the CMF at -0.17 indicated that the cash movement was not in MATIC’s favor.

Supply: Buying and selling View

Regardless of Polygon’s declining value, stakers on the community continued to point out their religion within the cryptocurrency.

What’s at stake for Polygon?

In keeping with knowledge supplied by Staking Rewards, the variety of stakers on the community grew by 14.38%. The stakers continued to help the community regardless of their income declining. On the time of writing, the variety of stakers on the community was 23,168. The income they generated was $9.13 million.

Supply: Staking Rewards

Though the variety of stakers continued to extend on the Polygon community, the on-chain metrics confirmed that the general exercise on the community had declined.

This was indicated by the declining transaction depend on the Polygon community over the past month. Coupled with that, the quantity on the Polygon community fell throughout the identical interval.

A forty five.08x hike on the playing cards if MATIC hits Bitcoin’s market cap?

Curiosity from new addresses decreased as effectively, as evidenced by the sinking community development noticed on the Polygon community. This instructed that the frequency with which new addresses have been transferring MATIC took a success.

Supply: Santiment

That mentioned, on the time of writing, MATIC was buying and selling at $0.759. Its value fell by 3.14% within the final 24 hours.