- Polygon (MATIC) price is currently trading at $0.9 with a market capitalization of $7.9 billion and a circulating supply of 8.7 billion MATIC.
- Solana (SOL) price is currently trading at $16.6 with a market capitalization of $6.3 billion and a circulating supply of 370 million SOL.
- MATIC & SOL have been trading diversely, while Solana has been bleeding all through the year, MATIC price however, managed to show strong recovery in the second half of 2022.
POLYGON VS SOLANA PRICE HISTORY: 2022 YEAR IN REVIEW
|Month||MATIC Price||% Change||SOL Price||% Change|
POLYGON VS SOLANA TECHNICAL ANALYSIS
- As is very evident from the chart above, MATIC and SOL prices have been on wildly different price trajectories in the past year of 2022.
- While the beginning of the year, up until July 2022 was pretty much the same, with SOL price losing more in percentage terms – MATIC price began to recover strongly on the back of positive news like the migrating NFT projects from Terra and partnerships with Disney Accelerator Program.
- Hence, since July, SOL has continued to lose, going from 80% lost since January, to about 91% as of writing.
- While, MATIC, which was also at about 80% down since January in July managed to gain significantly and is now down only about 60% as of writing.
- If it hadn’t been for the tragic collapse of the FTX crypto exchange and the massive market crash that followed, MATIC’s overall position would have been stronger.
- Thus overall, from a purely technical perspective – MATIC price is in a much better position than that of SOL price.
HOW HIGH WILL POLYGON (MATIC) PRICE GO IN 2023?
MATIC price is in a decently good position to rally in the year 2023, provided the overall crypto market sentiments improve. Currently trading at about $0.9, the immediate hurdle for MATIC price to cross would be the $1 mark – which is an important resistance level as well as a psychological barrier level too.
If MATIC price is able to breach past the $1 mark, then we could see a strong 30% recovery all the way up to $1.3 region, which is the next trendline resistance zone for the altcoin. Now, if the overall market sentiments continue to remain peaceful and on the optimistic side, $1.3 level would be reasonably easy to breach by the middle of 2023. Then, if we see further optimism and end of the bear phase of the crypto market, we could see MATIC price rally up to $1.8 to $2 region.
Now this, $1.8 to $2 region would serve as a region of strong resistance and consolidation. This is because, for a large chunk of 2022, this has been a region of consolidation and a lot of investors are stuck at this price level. Assuming that is the case, then a lot of investors might be interested in selling their holdings to get their money back – which is why this region would see a lot of selling pressures and hence, the possibility of MATIC price to breach past $2 within 2023 itself is bleak.
However, considering MATIC price right now, at around $0.9 – and if we see $2 level by the end of 2023 – that would amount to a near 120% rally within a year, which isn’t bad!
Read more: Polygon Price Prediction
HOW HIGH WILL SOLANA (SOL) PRICE GO IN 2023?
SOL price on the other hand is extremely weak and the chances of its recovery is much lesser than MATIC, from a technical point of view. This is because, as mentioned earlier – MATIC price began recovering by June 2022 and managed to more than double its value within the next 6 months while SOL price continued to fall and went from 80% down since the beginning of 2022 to 90% down as of writing.
So the scope of recovery for SOL remains much weaker than that of MATIC’s. However, one point to be noted is that in the past two weeks roughly – SOL price has been on a rampage. Since the beginning of 2023, SOL price has gained over 70% from its lows and the trend looks pretty strong. However, from a macro perspective – it is still pretty far away from any definitive recovery to appease existing investors in the coin.
Assuming the current rally continues, SOL price will have to first deal with a very wide consolidation range between $28 and $46. This is a price range for SOL that will be extremely difficult for the coin to break out of and quite possibly take the rest of 2023 to even be able to reach the upper limit of the consolidation range. This is because the $28 to $46 range has been a bottleneck for the SOL price for a major chunk of 2022, roughly between June to November 2022, after which SOL price suffered a major breakdown post the collapse of the FTX crypto exchange due to FTX’s exposure to SOL and whatnot. So overall, things look much bleaker for Solana for 2023.
Read more: Solana Price Prediction
POLYGON VS SOLANA: COMPARATIVE ANALYSIS
|Launch Date||2017||March 2020|
|Founder||Jaynti Kanani, Sandeep Nailwa, Anurag Arjun, and Mihailo Bjelic||Anatoly Yakovenk|
|Blockchain Protocol||Ethereum Blockchain||Solana Blockhain|
|Market Cap||$7.9 billion||$6.3 billion|
|Token Type||Governance & Utility Token||Governance & Utility Token|
|Circulating Supply||8.7 billion MATIC||370 million SOL|
|Max Supply||10 billion MATIC||N/A|
Read more on: Ethereum vs Solana vs Polygon
SHOULD YOU BUY POLYGON OR SOLANA IN 2023?
Thus, concluding from the observations made above, Polygon’s MATIC token would be a better bet for 2023 than Solana’s SOL because of the simple fact that MATIC has been able to present stronger base growth in the past 6 months and thus is ahead in the race to recover its market capitalization. However, that is not to say that Solana will die out. It’s only that SOL price will take a significantly longer time now to reach the level MATIC price has already reached, despite the raging bear market all through the year 2022.
However, while this is an observation, as investors or traders, doing your own research becomes paramount and the most important thing you can do as it is you who will be putting in your hard earned money into the respective tokens. Careful research and risk-reward analysis is mandatory before investing in either of these coins.
Prices as on 13 January, 2023.