Correct me if I'm wrong, but, why are there no popular manga series based on light novels? I know that there are many anime based on light novels that are popular such as Sword Art Online, Oreimo, Monogatari Series, Melancholy of Haruhi Suzumiya, or Kara no Kyoukai. But for some reason, there are no popular manga adaptations from light novels, whether the light novel has been adapted into an anime - like SAO manga, or Oreimo manga (I think these two manga are not as popular as the anime or any other manga) - or not.
After a decent amount of research, I have to retract my previous answer.
There are in fact a lot of series that started as Light Novels and achieved commercialized success. Some include Accel World, Zero no Tsukaima, Haruhi Suzumiya, and Shakugan no Shana. Their order of progression was LN -> Manga -> Anime.
Then there are still LN today that have a manga, but no anime , such as Kagerou Project (although scheduled for Spring 2014).