Polygon vs Solana: Which token takes the cup home?

• MATIC’s TVL was significantly larger than that of Solana.
• Polygon’s each day chart turned inexperienced, however just a few market indicators have been bearish.

Polygon [MATIC] has been in an excellent state when it comes to community exercise over the previous few weeks. Solana [SOL] has additionally been performing nicely, but it surely was a bit behind MATIC in just a few key metrics. 

Learn Polygon’s [MATIC] Value Prediction 2023-24

Whereas community exercise on each blockchains seemed promising, MATIC’s value motion had turned bullish whereas SOL’s value chart had turned crimson. Nevertheless, just a few datasets additionally recommended that MATIC may quickly begin favoring the bears.

Solana vs Polygon 

Latest knowledge revealed that each blockchains have been competing intently when it comes to their community exercise. A tweet posted by Narb on 3 July revealed that Polygon’s each day energetic customers stood at 400,000, whereas Solana’s quantity was 100,000 decrease.

Nevertheless, it was attention-grabbing to notice that upon nearer examination, regardless of having a significantly smaller variety of energetic customers, Solana’s each day transactions have been larger than these of Polygon. Such a metric recommended larger person retention and exercise on the previous blockchain.

Nevertheless, Solana was nonetheless approach behind Polygon when it comes to TVL. As per Artemis’ chart, on the time of writing, MATIC’s TVL was close to $1 billion, whereas SOL’s TVL was simply close to $270 million. An analogous pattern was additionally famous on DEX volumes, as they have been additionally in MATIC’s favor. 

Polygon buyers are having fun with earnings

The market caps of each networks have been comparable at press time, as SOL was the tenth largest token and MATIC was the twelfth largest. Nevertheless, issues modified within the final 24 hours.

In response to CoinMarketCap, MATIC’s value had elevated by 2% within the final 24 hours, whereas SOL’s worth declined. At press time, MATIC was buying and selling at $0.7092 with a market cap of over $6 billion.

However in line with CryptoQuant, MATIC’s trade reserve was rising. This meant that the token was below promoting strain – a bearish sign. 

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Trying forward

MATIC’s MACD revealed a bullish higher hand out there. Nevertheless, the remainder of the market indicators supported the sellers. As an example, the Exponential Transferring Common (EMA) Ribbon was bearish, because the 20-day EMA was beneath the 55-day EMA.

Moreover, MATIC’s Relative Energy Index (RSI) additionally declined barely, which may trigger bother within the coming days.

Supply: TradingView