Solana overtakes Polygon in market capitalization

Polygon (MATIC) dropped out of the top 10 cryptocurrencies by market cap, according to CoinMarketCap. Now its place is taken by Solana (SOL).

Over the past 24 hours, the MATIC cryptocurrency has sank in price by more than 3%, while SOL has added about 1%. The dynamics in the market over the past 24 hours led to the fact that the price of MATIC fell below $1, at the same time SOL broke the $25 barrier. On Sunday, January 22, Solana's total market capitalization is just under $9.3 billion, while Polygon's is just over $8.6 billion.

In recent months, many tokens have sank in price due to a negative news background for the entire crypto market.. In the fall-winter, the FTX bankruptcy case led to a significant decline in quotations. Despite this, the long-term positive about MATIC has only recently been gaining momentum among investors, against which the cryptocurrency got into the top 10 in terms of capitalization.. One of the main catalysts for such sentiments was the launch of zkEVM.

In addition, the project's activities in the NFT market became a positive factor for MATIC: several agreements were signed, including a partnership with Rarible. Over the past week, 109 NFT Raribles have been sold for $8,260.

Earlier, another major NFT project, Moonbirds, signed an agreement with the Hollywood agency UTA.