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:
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.
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:
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.
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:
— 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