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MATIC has been soaring on the back of several bullish ecosystem announcements. For one, Meta announced that its subsidiary, social media platform Instagram, would employ the Polygon blockchain for its upcoming in-app non-fungible token (NFT) minting feature.
Before then, the Singaporean financial market regulator, the Monetary Authority of Singapore (MAS), revealed that they had completed their first live trade in decentralized finance (DeFi) on Polygon. The pilot was conducted in collaboration with global investment bank J.P. Morgan as part of the MAS’s Project Guardian.
According to crypto market analytics platform Santiment, the announcements and the growing popularity of Polygon, blockchain-powered Reddit digital collectible avatars, have pushed social sentiment on MATIC. This has led to the token’s price surge and a drop in supply on exchanges— signs typically a recipe for success.
Will MATIC surpass SOL and ADA?
MATIC is trading at around $1.05, up 2.61% in the last 24 hours, per data from CoinMarketCap. Similar to MATIC, the price of the native token of the Cardano blockchain, ADA, has also been surging on the back of positive social sentiments.
 
 
ADA is up as anticipation builds up on an announcement expected on Nov. 18. According to a tweet by Charles Hoskinson, the teased project has been in the works for four years now and would be significant for the ecosystem. ADA is currently trading at around $0.35.
Meanwhile, despite battling with constant network downtimes, the price of SOL has been showing promise as the Solana ecosystem has also welcomed a recent bullish announcement. Google Cloud announced this month that it would begin running a Solana validator.
The price of SOL rose double digits to reach a one-month high of $38.48 on the back of the news. However, some of these gains have been wiped out as SOL dropped 8.66%, currently trading at $16.49.
The price performance of ADA and SOL could see the 10th-ranked MATIC close on their ranking as the month progresses.
