What is Solana?
SOL, the native token of the layer-1 chain Solana has been soaring heavily in recent times, making it as one of the top gainers. Besides massive short liquidations were recorded worth more than $4 million. In short, Solana is an open-source blockchain, and it supports smart contracts and NFTs. It is a permission-less and high-speed layer-1 blockchain. Solana was created by Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, Raj Gokal in 2017 and it is a crypto that works on the proof-of-history (PoH) consensus mechanism.
The major catalyst for the price rise in SOL is said to be the upcoming migration of the Helium network to Solana. With this merge, Helium developers could add more hotspots and work towards a more improved scalability and reliability. Along with this, a sharp increase in the trading volume of the Solana-based NFTs was also recorded.
Read More: Solana Vs Cardano
What is Polygon?
Polygon, the most popular layer-2 scaling solution for Ethereum is also making a huge noise within the crypto space. The community is pretty excited about the upcoming zk-EVM which could go live by the end of Q1 2023. Besides, the Polygons’ DeFi space is swelling gigantically with multiple partnerships and integrations.
The very latest is the collaboration with the Arkeen Network which is a data network for distributed energy resources(DERs). The platform’s first App could be available on the Polygon chain which could boost a Net Zero future.
Polygon MATIC vs Solana Crypto: A Comparative Analysis
| Polygon | Solana | |
| Launch Date | 2017 | March 16,2020 |
| Founder | Jaynti Kanani, Sandeep Narwal, Anurag Arjun and Mihailo Bjectic | Anatoly Yakovenko |
| Blockchain Protocol | Ethereum Chain | Solana Chain |
| Native Token | MATIC | SOL |
| Token Type | ERC-20 | Native Token |
| Market Capitalization | $12.78 billion | $9.97 billion |
| Circulating Supply | 8.73 billion | 378.12 million |
| Max Supply | 10 billion | 539.31 million |
| Consensus Method | Proof-of-Stake | Hybrid (Proof-of-Stake + Proof-of-History) |
Polygon vs Solana: Which crypto projects wins in terms of Security, Speed & Cost?
Security
Solana is designed to work on a single chain while Polygon is built to add more concurrent chains that merge over time. Solana crypto uses Proof-of-History consensus combined with the underlying Proof-of-Stake mechanism that allows greater scalability and boosts usability. The main purpose of the Solana chain is to facilitate dApp creation.
Besides, Polygon supports multiple blockchain scaling mechanisms like zk-rollups, Matic Plasma, Validium Chains, and Optimistic Rollups. These scaling solutions intend to enhance the transactional throughput without restricting the user experience while also maintaining the security provided by the Ethereum network. Alongside, the Polygon chain uses an efficient and low-energy proof-of-stake model to achieve consensus.
Speed
Solana chain is known to process incredibly shorter transaction processing time. Its hybrid protocol enables a reduction in the time required for validation and smart contract execution. Presently, the Solana chain can handle thousands of transactions per second, which is nearly 50,000 TPS. This making Solana one of the fastest chains in the crypto space.
On the other hand, Polygon possesses a huge ability to process transactions quickly, with an average block time of 2.1 seconds. The chain can also process more than 50,000 TPS like Solana, but the only difference here is that the block time is in milliseconds compared to 2.2 for Polygon.
Cost
The Solana chain is built to handle better transaction times with a good block time & size. Despite this, the chain also offers the lowest transaction fees in the market at about $0.00025 per transaction compared to the Ethereum chain, where fees on average range between $2 and $5.
Polygon, despite being a scaling solution for Ethereum, has much lower gas prices and transaction fees due to its consensus mechanism that reduces network congestion and costs. Currently, the chain charges a gas fee, which is distributed among the node validators. The gas fee on the Polygon chain is around 32.49 GWEI.
Polygon Crypto Price Prediction
Polygon crypto price has been displaying enough strength for quite a long time along with the potential to test the higher targets in the coming days. The price has been incremental since the beginning of 2023 and is expected to remain until the end of the year. The price underwent a magnificent upswing of more than 100% in the past month, accumulating enough buying pressure to maintain the upward trend to regain levels beyond $2.
As per many analysts, the MATIC price may achieve levels beyond $1.5 initially and, after a brief consolidation, may resume with a fine upswing ahead. The RSI & MACD are within bullish ranges, hence the price may hit $1.8 during Q2 as enough buying pressure has accumulated. Experts believe that in the coming days, MATIC’s price can rise beyond $2 in the second half of 2023 and secure levels beyond $2.4 soon. However, by the end of 2023, the price may remain restricted below $2.5.
Additional Read: Can Polygon Outperform Solana in 2023
Solana Price Prediction
The fine comeback of the Solana crypto price after the dreadful drop to a single digit during the previous year indicates that the crypto space is yet to see some results for the developments that are underway. The price, which is hovering around $25 at the moment, is believed by various crypto enthusiasts to rise quickly beyond $30 in the next couple of weeks. The Solana price may trade around $33 to $35 by the end of Q1 2023 and further head towards $40 during Q2.
During H2, 2023, the price is believed to rise beyond the crucial resistance between $45 to $47 and secure levels above $50. Despite some bearish interference, the experts say that the price can hold the support at $48 and rise higher. With the beginning of Q4 trade, the upswing could be intensified and higher targets may be tested. By the end of 2023, the price may trade around $65 to $70.
Top Projects Built on Polygon Blockchain
| Project name | Description |
| JellySwap | It is a cross-chain atomic swap protocol supporting multiple blockchains |
| QuickSwap | It is a decentralized application on Polygon |
| Opacity | It is a file storage service offering privacy vis decentralization |
| Mai Finance | It is the first native stablecoin protocol on Polygon |
| Impermax | It is a decentralized protocol enabling indirect liquidity provision |
Top Projects Built on Solana Blockchain
| Project name | About |
| Raydium | It is an Automated Market Market (AMM) on Solana |
| Mercurial Finance | It is a decentralized protocol that assists to maximize returns from Solana assets |
| Orca | It is the largest decentralized exchanges that allows to exchange tokes swiftly and easily |
| STEPN | It is one of the largest web3 lifestyle applications, enables to earn tokens by walking and running |
How to Invest in Solana and Polygon Crypto in India?
Investing in Solana or Polygon is pretty easy and simple. Just download CoinDCX, which is one of the best crypto investment Apps in India. Further, enter the details required for registration and wait for verification. Once done, just fund your wallet and buy Solana or Polygon.
However, before investing, it is very important to conduct a thorough research on the project, its team, and the future vision. Alongside this, a detailed study of the price movements and the market sentiments may also help one in managing their risks accordingly.
FAQs
Polygon and Solana both offer a similar TPS of about 50,000. However, the average block time for Polygon is 2 to 2.2 minutes, while it is milliseconds for Solana. Solana is ideal for users looking for a low-cost, scalable chain with a large number of faster transactions. The SOL price at the moment is around $25, with a market capitalization of $12.78 billion. Solana can be considered as an investment option provided one has done a thorough research and gained deep knowledge regarding the project before investing. Polygon has been a robust platform and hence required deep research and close observation of the price movements before it is considered as an investment asset. The price of 1 Polygon at the moment is around $1.48.Is Polygon faster than Solana?
How is Solana different from Polygon?
How much is Solana worth?
Is SOL a good investment?
Is Polygon crypto a good investment?
How much is 1 Polygon worth?
