Solana recently became the ninth-largest cryptocurrency by market cap. It flipped Polygon a few hours to reclaim its spot in the top 10.
A Silent Takeover
Both assets were locked in a series of downtrends. However, Polygon had the biggest dip during the previous week as it lost more than 10%.
One of the main highlights of that session was on Monday when MATIC kicked off trading at $0.96 and retested the $0.90 support. It flipped it and dipped to a low of $0.87. At the end of the session, the altcoin closed with losses exceeding 6%.
The downtrend continued over the next three days with little decrease in value. However, this changed the next day when the asset under consideration flipped the $0.85 barrier and dropped to a low of $0.82. The session ended with Polygon losing more than 4%.
With regards to increases, MATIC made two attempts at recovery but failed as the buying volume was minimal.
On the other hand, a closer look at Solana’s daily chart shows an intense back-and-forth in price. It had its biggest dip on Monday as it retested the $20 support but rebounded. It kicked off at $$21.6 and closed at $20.6, signifying an almost 4% drop in value.
Another attempt at the $20 support happened on Thursday as SOL retraced from $20.9 to a low of $19.8, flipping the said mark. Nonetheless, it recovered and closed at $20.2 losing almost 4%. The altcoin returned to its previous open, erasing the losses. At the end of the week, SOL lost 3.14%.
These differences in losses during the previous intraweek session were one of the biggest factors in the “silent takeover.”
Solana is Off to a Good Start
Shrugging-off the bearish end to trading last week, SOL is off to a good start. It kicked off trading at $20.9 and is exchanging at $21.4 after peaking at $21.5. Although not significant, the ninth-largest cryptocurrency by market cap is gradually edging toward $22.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!