fxs_header_sponsor_anchor

Three reasons why Solana is a crypto bear market opportunity for traders

  • Solana’s recent GameFi collaborations and NFT projects are likely to boost the Ethereum-killer’s performance. 
  • Experts at Finder believe Solana price could hit $512 by 2030 and argue that SOL is a leading contender in the smart contract blockchain space. 
  • Analysts predict a run up to $52 if Solana price sustains above the $40.21 level. 

The Solana ecosystem is considered one of the fastest and most accessible smart contract networks. Experts are bullish on Solana, predicting a run up to $512 by 2030. 

Also read: Solana price explodes after this announcement about Saga phone

LinkedIn co-founder auctions off Solana NFTs

Reid Hoffman, a LinkedIn co-founder, has a vision got “Untranslatable Words” NFTs that the executive plans to auction off daily on Solana’s marketplace Magic Eden. Magic Eden has recorded a total of 5.5 million trades worth over $801 million on its marketplace since the beginning of 2022. 

Hoffman argues that jumping on the NFT bandwagon is his take on the crypto bear market. The LinkedIn co-founder considers the bear market “a good moment for experimentation.”

Hoffman was quoted as saying:

The current bear market in crypto makes a good moment for experimentation with a long-term outlook. Developers and entrepreneurs who continue to work in this space are the ones who are most focused on long-term value creation. They’ll build enduring products and use cases.

Solana has big leg up on Avalanche in TPS

When looking at Transactions per Second (TPS), analysts at The Tie noted that Solana has a big leg up compared to other chains. TPS depends on block time, and Solana has a greater block size capacity and more validators than Avalanche. Therefore, Solana’s TPS is relatively higher than Avalanche. 

TPS v. TNV Solana

Finder experts predict Solana price will hit $512 by 2030

A panel of cryptocurrency experts at Finder has predicted that Solana will be worth $166 by 2025 and $512 by 2030. The experts have based their prediction on the argument that Solana is one of the leading contenders in the smart contract blockchain space. If Ethereum’s Merge upgrade fails to deliver lower transaction fees, analysts believe Solana will benefit from capital rotation from the ETH network. 

Experts on the panel gave the following conclusion after deliberation on whether to buy, sell or HODL Solana:

The panel is relatively split on what people should do with SOL, with 40% saying now is the time to buy, 31% saying to hold and 29% advocating selling.

Analysts predict Solana price run up to $52

Bierre, a pseudonymous crypto analyst, believes Solana’s retest of $40-$42 was successful, bringing $47.50 and $52 targets into play. Solana price will likely break into an uptrend if the altcoin sustains above the $40.52 level. 

SOL-USDT price chart 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.