Polygon and Solana have risen sharply

MATIC has risen 9.3 percent in the last 24 hours to $ 2.08; the ETH-based layer-2 token has risen 15.8 percent in the previous seven days. MATIC is up 10.88 percent against BTC and 15.07 percent against ETH in the last 24 hours.

MATIC has increased by 11,553.13 percent since the beginning of the year. In the last 90 days, the token has increased by 42.9 percent, while in the previous 30 days, it has increased by 10.72 percent.

SOL gained 4.42 percent on the day to $ 225.26; In the previous seven days, the project’s coin that claims to run the fastest blockchain in the world gained 7.58 percent.

SOL has gained 6.25 percent against BTC and 10.27 percent against ETH in 24 hours.

SOL has increased by 12,115.69% since the beginning of the year. It has gained 10% in the last 30 days.

What causes the cryptocurrencies movements?

The Polygon and Solana projects gained traction this year due to a combination of factors. It is due to the rise of non-fungible tokens (NFTs), the growing popularity of decentralized finance (DeFi), and Ethereum’s transaction fee has been raised several times.

Even though the significant crypto on the market was declining, MATIC and SOL gained ground. The global cryptocurrency market capitalization fell 2.67 percent to $ 2.58 trillion. With 884 tweets, SOL was the second most mentioned coin, and MATIC was the fourth most said coin, with 459 tweets.

MATIC drew a lot of attention from retail traders. It was the second most trending name on Stocktwits’ trend ticker list; it was also trending on CoinMarketCap and CoinGecko price monitoring websites.

MATIC gained significantly on Wednesday after 21Shares, a publicly-traded cryptocurrency product issuer, listed MATIC’s first European performance-related product on Euronext’s Paris and Amsterdam stock exchanges.

Grayscale Investments manages the Grayscale Bitcoin Trust (OTC: GBTC). It announced the launch of a Solana fund with $ 9.5 million in assets under management on Tuesday.

According to Benzinga’s Tyler Bundy, based on a relative strength index of 54 points, more buyers have pushed into Solana, and the buying pressure in this cryptocurrency outweighs the selling pressure.