- Solana was severely impacted by FTX’s downfall this year.
- While, MATIC has covered a lot of ground through strategic partnerships this year.
- MATIC’s price in comparison to SOL’s suggests that MATIC will outperform SOL in 2023 as well.
Solana (SOL) was severely impacted by the downfall of FTX earlier this year. This, coupled with the sell pressure that the Ethereum-competitor experienced in this bear market has allowed competing altcoins to outperform it. One such altcoin is Polygon (MATIC).
This year has seen MATIC earn a position in the top 10 list of the biggest cryptos by market cap due to its numerous partnership announcements as well as the market’s excitement around Layer-2 solutions.
Meanwhile, this year has been a nightmare for the Solana network as the Solana blockchain experienced multiple outages. To determine if MATIC will continue to outperform SOL in 2023, it’s best to take a look at the medium-term timeframes of their respective trading charts.
SOL’s weekly chart shows that the price of the solana has hit rock bottom, and has fallen victim to a multi-week negative sequence. The 9-week EMA has traded below the 20-week EMA ever since the Ethereum competitor set its all-time high in the week of November 1, 2021.
Meanwhile, the price of MATIC has been able to break above the 9-week and 20-week EMA lines. This suggests that MATIC has already established the price bottom for this bear market, as MATIC’s price is now on the path to making a recovery.
Given that SOL may not have established its bottom for this bear market and MATIC’s price is already attempting to recover from the latest bear cycle, it’s fair to say that MATIC has the upper hand going into 2023.
In addition, the ground covered by MATIC through strategic partnerships and network development also gives MATIC the upper hand going into the new year as the Solana network is still recovering from its series of network outages.
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