In this article we will examine the latest news from the crypto market in relation to the Solana, Polygon and The Graph projects.
We then look at how the three tokens associated with them, SOL, MATIC and GRT, are performing on the speculative front.
After a long season of continuous declines, perhaps with the arrival of 2024 and the halving of bitcoin, we could see a partial recovery of these cryptocurrencies and the entire altcoin sector in general.
Let’s look at all the details together.
Summary
Latest news from crypto projects Solana, Polygon and The Graph
Starting with the most relevant news, let’s see what’s new in the crypto market for Solana, Polygon and The Graph, whose respective teams include the brightest and most avant-garde minds in the industry.
As far as Solana is concerned, it is worth mentioning the latest initiative from L1, which aims to become one of the crypto layers of choice for everyday transactions in the retail market.
Yesterday, the project’s official X profile reminded its audience that through the “Solana Pay” service, it is possible to send USDC anywhere in the world by paying a ridiculous fee of USD 0.00025 and receiving almost instant execution.
This trustless channel is viable both physically and digitally for merchants and online shops.
Should the world of stablecoins grow in use and popularity over the next few years, Solana could carve out a place for itself as one of the largest providers of electronic payment solutions, behind only the giants Visa and Mastercard.
Moving to the Polygon front instead, we must draw your attention to the recent collaboration with Manta Network, a modular blockchain that aims to become a layer-2 of Ethereum ZK.
Using the “Polygon chain development kit” (CDK), Manta will be able to begin its migration process, which will lead to the integration of so-called zero-knowledge computational proofs.
The advantage for Sandeep Nailwal’s project will be that Manta will bring its ecosystem of decentralised applications into Polygon’s ZK domain, where there could be interesting points of contact in the future.
The rapprochement between two different cryptographic worlds can only be welcomed by the community for the enormous financial benefits it could bring.
Finally, speaking of The Graph, we can confirm that the project is working to further its mission of making the data of the blockchain world available and open to all.
One of the company’s core developers is in the process of introducing an updated indexer that will allow hosted services to obtain more detailed information about their subgraphs without suffering service interruptions.
In detail, the advantage of this process is to start indexing data on multiple blockchains, while at the same time offering its users the ability to publish subgraphs of hosted services on The Graph for free and receive pre-synchronised data for immediate use.
This feature is currently only available on Arbitrum One.
The improved indexer, the cryptographic project team reminds us, will not compete with other indexers and will only earn minimal sustainable query fees, as its purpose is to act as a fallback and bootstrap mechanism in case the subgraph is not currently supported.
Price Analysis of the Cryptos SOL, MATIC and GRT
At this point we turn to an analysis of the crypto market performance of the Solana (SOL), Polygon (MATIC) and The Graph (GRT) tokens.
The layer 1 currency Solana seems to be the one that responded best among the 3 analysed to yesterday’s bullish impulse of BTC after the fake news of the approval of the spot ETF for the BlackRock fund.
In fact, despite yesterday’s difficult day, which on paper should have put selling pressure on the altcoin sector, SOL closed the day up +9.25%, suggesting to investors that it is ready to gallop higher if the right environment is created in the market.
The current price of $24.41 is at a level where there could be more demand ready to support another breakout towards $28.
A break above $28 would open up a prairie of notable resistance up to $40, but there is a high RSI that could throw a spanner in the works in the next few days.
For now, SOL needs to hold the EMA 50 on the daily chart and consolidate above $25.
In the event of a reversal and a break of support at $22, we could easily see a return to $18.
As for MATIC, which will be renamed POL at the start of the Polygon 2.0 phase, the situation seems to be a little more grey compared to the previous crypto.
Yesterday, the token rose by 3.53% but failed to reverse the strong downward trend it is currently experiencing.
MATIC has been dumped since January 2023 without any valid attempt to rise, falling from $1.5 to the current $0.52 for a total decline of more than 60% in 7 months.
In the daily timeframe, the currency is held in place by the 50 EMA, which acts as resistance to any attempt by the bulls to change this dramatic situation.
One of the cryptos that seemed the most resilient during the 2022 bear market turned out to be very weak throughout 2023.
The hope is that with the growth of the Polygon zk-EVM and the development of the “value layer of the internet” discussed in the Polygon 2.0 manifesto, MATIC will also achieve the success it deserves.
At the moment, to be optimistic, it is necessary not to lose the $0.5 and to try to break the EMA 50 for good.
Turning to the GRT, The Graph’s indicator, we also see medium-term weakness, with prices constantly looking for valid support from which to start again and form a bottom construction.
As in the case of the MATIC, the EMA 50 is in charge, rejecting all attempts to move higher, which are punctually absorbed by spikes.
GRT is coming out of a very long crypto-winter that began in February 2021 and from which it has yet to recover.
At the moment, there is little hope that the currency will have found a base between September and October at USD 0.0078, where the bears may find it difficult to push.
Unfortunately, GRT suffers from a lack of utility within its ecosystem and faces the challenge of increasing its popularity in the retail market in order to create some demand in the market.
Should $0.09 be broken to the upside, with close confirmations and supporting volumes, we could celebrate the crypto token’s long-awaited relaunch.
At the moment, however, the situation does not appear to be the brightest.
