Solana (SOL) is struggling to reclaim its top 10 spot from Polygon (MATIC) after massive price increase.
With the FTX crisis, Solana entered a dangerous period with ecosystem losses and price declines. The popular project of the crypto market struggled to survive on the verge of FUDs. SOL price, which has been on the rise in a short time, is regaining its former strength with the support of the Solana community.
Solana Wants to Take Advantage of the Ascension
With the crises experienced two months ago, Solana’s return seemed impossible, but it did. SOL has joined the competition to take its place among the top 10 cryptocurrencies by market cap.
Polygon’s native token is just behind MATIC, the main currency on Ethereum’s rapidly growing layer 2 network, to take Solana’s 10th spot. The reason for this, of course, lies in the meteoric rise in price of SOL in 2023, and the Solana token is one of the growth rate leaders among the Top 100 cryptocurrencies. SOL posted a 134 percent increase in price in January, while MATIC rose only 28.9 percent.
As a result, since the start of 2023, Solana’s market capitalization has added $4.7 billion versus Polygon’s $1.85 billion. As such, it moved up from 16th place in the rankings and is well positioned for its place in the top 10. Along with the rise of the Solana token, there has also been an increase in the number of activity on the network.