Your pagerank and rank in alexa are completely indepent stats. Pagerank refers to the amount and quality of links pointing to your site and Alexa is based on how much traffic your site receives. A site can have a top 500 alexa rank with a no pagerank or a 5,000,000 alexa rank with a pagerank of 7.
Neither are very accurate ways to measure the success of a site, but you can get a general idea of where a site stands when combined with other metrics.
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