Polygon vs Solana: Which token takes the cup home?

• MATIC’s TVL was considerably higher than that of Solana.
• Polygon’s daily chart turned green, but a few market indicators were bearish.

Polygon [MATIC] has been in a good state in terms of network activity over the last few weeks. Solana [SOL] has also been performing well, but it was a bit behind MATIC in a few key metrics. 

Read Polygon’s [MATIC] Price Prediction 2023-24

While network activity on both blockchains looked promising, MATIC’s price action had turned bullish while SOL’s price chart had turned red. However, a few datasets also suggested that MATIC might soon start favoring the bears.

Solana vs Polygon 

Recent data revealed that both blockchains were competing closely in terms of their network activity. A tweet posted by Narb on 3 July revealed that Polygon’s daily active users stood at 400,000, while Solana’s number was 100,000 lower.

However, it was interesting to note that upon closer examination, despite having a considerably smaller number of active users, Solana’s daily transactions were higher than those of Polygon. Such a metric suggested higher user retention and activity on the former blockchain.

However, Solana was still way behind Polygon in terms of TVL. As per Artemis’ chart, at the time of writing, MATIC’s TVL was near $1 billion, while SOL’s TVL was just near $270 million. A similar trend was also noted on DEX volumes, as they were also in MATIC’s favor. 

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Polygon investors are enjoying profits

The market caps of both networks were comparable at press time, as SOL was the 10th largest token and MATIC was the 12th largest. However, things changed in the last 24 hours.

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According to CoinMarketCap, MATIC’s price had increased by 2% in the last 24 hours, while SOL’s value declined. At press time, MATIC was trading at $0.7092 with a market cap of over $6 billion.

But according to CryptoQuant, MATIC’s exchange reserve was increasing. This meant that the token was under selling pressure – a bearish signal. 

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Looking ahead

MATIC’s MACD revealed a bullish upper hand in the market. However, the rest of the market indicators supported the sellers. For instance, the Exponential Moving Average (EMA) Ribbon was bearish, as the 20-day EMA was below the 55-day EMA.

Additionally, MATIC’s Relative Strength Index (RSI) also declined slightly, which could cause trouble in the coming days.

Source: TradingView