Polygon Flips Ethereum for Daily Active Addresses as MATIC Price Surges 10%, Solana (SOL) DeFi project Friktion shuts down its user platform, Snowfall Protocol (SNW) moves to its all-time high

It is no secret that the cryptocurrency market is vastly complex and ever-changing. In this article, we explore the recent events involving Polygon (MATIC), Solana (SOL), and Snowfall Protocol (SNW), to get a better sense of the latest updates in the crypto market. We compare these digital coins and discuss why Snowfall Protocol (SNW) has been gaining so much attention recently as its price continues to surge.

Polygon's (MATIC) surge may be met with a sharp decline

While the rest of the cryptocurrency market is down today, Polygon's MATIC token is surging. The cryptocurrency has now moved into the top ten, passing Solana (SOL) in the process. With a market cap worth $9.7 billion, Polygon (MATIC) is a leading cryptocurrency. Since the start of 2023, Polygon (MATIC), Ethereum's layer-2 scaling network, has flourished. Since January, Polygon (MATIC) DeFi has seen an increase in its total value locked.

According to DeFiLlama, the Polygon (MATIC) network's TVL is $1.28 billion at press time. Since January 1st, Polygon's (MATIC) value has risen by about 20%. However, when tokens like Polygon (MATIC) rise dramatically and instantly, they could meet with major price declines. Currently, Polygon (MATIC) is trading at $1.1357. Furthermore, experts believe that Polygon's (MATIC) price would fall by 8.28% in one month. The corrected price of Polygon (MATIC) will be $1.0417.

Solana (SOL) could decline by 26% post Friktion's shutdown

Friktion, a Solana (SOL) DeFi yield platform, states that its front end website is going down, and users should withdraw their funds from the platform. Though Solana's (SOL) platform's underlying protocol is still available on the blockchain, the front-end website will no longer offer the same services. The closure of Friktion, according to industry experts, may represent a setback for Solana's (SOL) DeFi plans.

Over $3 billion was traded on Solana's (SOL) Friktion, and the platform's Total Value Locked amounted to $150 million last year. Solana's (SOL) price and performance may continue to suffer in the wake of the shutdown of its DeFi platform. Currently, the cost of Solana (SOL) is roughly $24. Additionally, if the crypto market has a bearish outlook in the coming month, the price of Solana (SOL) will also struggle, especially if it trades below its price of $22.77. If this price point is reached by Solana (SOL), it will result in the value of the altcoin further falling to the level at $17.89, signifying a 26% decline, as per experts.

Snowfall Protocol (SNW) price skyrockets to $0.20

Since its presale, Snowfall Protocol (SNW) has caused a stir in the cryptocurrency industry. The goal of Snowfall Protocol (SNW) is to make it simple and inexpensive to move cryptocurrency holdings from one blockchain to another, without the need for a lot of technical  knowledge. This is possible with Snowfall Protocol's (SNW) ability to facilitate multi-chain communication, which enables the transfer of digital assets without any interruptions or third-party interference.

Owing to the enormous buzz surrounding the project, Snowfall Protocol (SNW) has successfully completed two rounds of presale, and generated over $4 million. The value of the native SNW token of Snowfall Protocol has skyrocketed from $0.005, in the first phase of the presale, to the current value of $0.20. Snowfall Protocol's (SNW) presale period ends in February, and its price is expected to increase by as much as 5,000% once it is made available to the public.

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