Solana Might Be A Reliable Option Amid A Bearish Market- Here’s Why

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 platform is among the most developing platforms and has recently collaborated with GameFi, 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.

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. 

Solana’s TPS

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.