Solana Might Be A Reliable Option Amid A Bearish Market- Here’s Why – Coinpedia Fintech News
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Jul 23, 2022
The global crypto market is stuck in a tug of war between the bulls and bears. Meanwhile, Solana, which is considered one of the fastest growing blockchains along with a reliable smart contract network, appears to have an opportunity in this bearish market trend.
The solana solana Blockchain Network Followers : 0 View profile platform is among the most developing platforms and has recently collaborated with gamefi gamefi Gaming / E-Sports Followers : 0 View profile , which along with its NFT projects, are expected to boost the Solana (SOL) price.
Meanwhile, talking about the NFT opportunity, LinkedIn co-founder Reid Hoffman is experimenting with “Untranslatable Word” NFTs. He plans to auction this daily on Solana’s NFT marketplace, ‘Magic Eden.’
Magic Eden is a decentralized NFT marketplace built on Solana that allows users to buy, sell, and trade. This NFT has made a record total of 5.5 million trades, which accounts for nearly $801 million on its marketplace from the start of this year.
According to Reid Hoffman, getting into the NFT drive in the present bear market is like a grabbing opportunity as he considers market correction as a good moment for experimentation.
Inspired by the potential of DALL•E and NFTs — and the possibilities that they unleash together — my team and I have created a number of small image collections that we’ll be tokenizing as NFTs.
The first collection debuts on Magic Eden today.
Here’s why I’m experimenting:
Hoffman claims that the ongoing bear market is an excellent opportunity for experimentation when the long-term is considered. He further says that the industry’s developers and entrepreneurs create the most reliable products and use cases for long-term wealth creation.
On the other hand, when the data for Transactions per Second (TPS) is considered, the analysts at The Tie, a leading information provider, believe that Solana is on a more positive trend than other chains.
For example, Solana’s block size is superior to that of Avalanche, resulting in a higher TPS- as displayed in the chart below.
At the moment, Solana is trading at $41.40 with a fall of 4.06% over the last 24hrs.
Further, the strong support for Solana (SOL) is around $37- the region for buying the dip.
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August 6, 2022 at 03:39AM