Solana Falls Behind Polygon in Key Aspect – What Comes Next?

Polygon’s Remarkable Performance

Polygon’s rising graph has sparked extensive discussions in recent weeks, with notable achievements in various aspects:

• Polygon’s daily active addresses surged by an impressive 75% in the last two months.
• On the 10th of February, Polygon recorded the second-highest transactions, totaling 3.41 million.
• The Proof-of-Stake (PoS) network Polygon (MATIC) witnessed a significant jump in on-chain activity over the last week.

Polygon Outperforms Competitors

According to AMBCrypto’s analysis of Artemis data, Ethereum’s scaling solution, Polygon, surpassed competitors in transaction volume:

• Polygon’s daily transactions reached 3.41 million on February 10th, outpacing BNB Chain and trailing Solana (SOL).
• A closer examination revealed an average of 3.5 million daily transactions since the start of February.
• Polygon surpassed Solana in daily users on the same day, boasting more than 672K unique active addresses compared to Solana’s 644K.

Surge in Daily Active Addresses

Polygon’s rising graph continues to attract attention, with daily active addresses witnessing a 75% spike in the last two months. The Inscriptions frenzy has played a significant role in driving user engagement.

Inscriptions have also fueled Polygon’s NFT market, as indicated by AMBCrypto’s scrutiny of CryptoSlam data. Monthly NFT sales on Polygon spiked nearly six times from October to January, culminating in a historic event where Polygon surpassed Ethereum in 24-hour NFT sales.

As of the latest data, Polygon stands as the fourth-largest chain for NFT trading in the past week, with cumulative sales surpassing $8 million.

Whales’ Activity and MATIC Performance

Despite a 3.72% decrease in MATIC’s value at press time according to CoinMarketCap, Polygon’s native token exhibited notable trends:

• On a weekly chart, MATIC posted gains of nearly 6%.
• MATIC lost the psychologically important $1 level at the beginning of 2024 and struggled to reclaim it, down 18% on a year-to-date (YTD) basis.
• Whales took advantage of the dip, increasing their MATIC holdings, according to AMBCrypto’s analysis of Santiment data.

However, the derivatives market showed a different sentiment, with a noticeable increase in short positions relative to longs in the past two days, as observed using Coinglass’ data.