Solana VS Polygon: How is the Competition between the Two Progressing in Network Activities?

• Solana (SOL) is performing well but lagging behind MATIC in some important metrics.
• Current data shows that both blockchains are in close competition in terms of network activity.
• SOL is still far behind Polygon in terms of TVL. According to Artemis’ chart, at the time of writing, MATIC’s TVL is around $1 billion.

According to the latest information from the Solana and Polygon networks, Polygon has surpassed Solana in terms of daily active addresses, but Solana has not allowed its competitor to surpass it in transaction numbers.

Current Data of Solana and Polygon

For the past few weeks, Polygon (MATIC) has been in a good position in terms of network activity. Solana (SOL) has also performed well but lagged behind MATIC in some important metrics.

While network activity in both blockchains looks promising, as MATIC’s price movement turns bullish, SOL’s price chart turned red. However, several data points also indicated that MATIC could soon start supporting bears.

Current data shows that both blockchains are in close competition in terms of network activity. While Polygon has a daily active user count of 400,000, Solana’s count is 100,000 lower than Polygon’s. However, upon closer inspection, despite having significantly fewer active users, Solana has higher daily transaction numbers than Polygon. This metric indicates higher user retention and activity on the older blockchain.

Polygon & Solana – Daily Active Addresses | Polygon & Solana – Daily Transactions

However, SOL is still far behind Polygon in terms of TVL. According to Artemis’ chart, at the time of writing, MATIC’s TVL is around $1 billion, while SOL’s TVL is only close to $270 million. A similar trend was observed in DEX volumes, favoring MATIC.

Polygon & Solana – Total Value Locked | Polygon & Solana – DEX Volumes

Polygon Investors Making Profit

As of the press time, the market values of both networks are comparable, with SOL being the 10th largest token and MATIC being the 12th largest token. However, the situation changed in the last 24 hours.

According to the latest data, MATIC’s price increased by 2.3% in the last 24 hours, while SOL’s value decreased. At the time of writing, MATIC is trading at $0.7030 and has a market value of over $6.5 billion.

However, according to CryptoQuant, MATIC’s exchange reserve is increasing. This could be a bearish signal indicating selling pressure on the token.