Solana co-founder Anatoly Yakovenko answered questions about how long we will be in a bear market.
Anatoly Yakovenko says the bears will be on the scene for a while
The Solana Labs co-founder predicts that the current bear market will continue for another 12 to 18 months. Speaking on the GM Podcast, Anatoly Yakovenko linked his expectation to the Fed rate hike, which affects the macroeconomic environment. However, as seen in other bear markets, he predicts that projects focused on construction will eventually prosper during this brutal period:
Looking at macro events, my guess is that these brutal Fed rates are going to rise for another 12 to 18 months. But it has an end. Just like in the last bear market, many teams adapting and focusing on the product market have tried to create really great products. I think most of them have been very dramatically successful.
The Ukrainian-born computer scientist is not alone in anticipating a bear market where projects can boost themselves. Úrsula O’Kuinghttons, director of communications and partnerships at Web3 Foundation and Polkadot, explained in an interview with Forbes that the “crypto winter” is a turning point as it brings more knowledgeable new players to the market:
The crypto market has fallen, but it will survive. We are at a turning point where new players in the ecosystem come to know more about the market… Developers will continue to develop Blockchain technology regardless of the market’s background.
How ready is Solana for the bear market?
While projects remained hopeful in the bear market, cryptocurrencies continued to be defeated. Solana’s native cryptocurrency, SOL, was no exception to this trend. Its price fell 80.4% year over year. It is currently trading at around $32, according to data from CMC.
In addition to the bear market, SOL price has been shaken by ongoing technical issues. Solana suffered a significant outage, the most recent of which lasted about six hours. This event was the last of a series of outages. It also stays current as it occurred last week.
The cuts brought a lot of criticism to Solana’s mechanics and team. However, Solana continues to make remarkable progress thanks to its high throughput and low transaction fees. Solana’s share of total NFT trading volume has increased from 7% to 24%, according to data recorded by cryptocurrency research platform Delphi Capital. This nearly 3-fold acceleration was in just 6 weeks. In the meantime, let’s point out that it left Ethereum behind in the same process.
Solana’s market strength is linked to new projects emerging on its network. Additionally, the Solana ecosystem hosts the best performing projects in funding rounds. cryptocoin.comAs you follow, it’s fair to point out that these positive data are overshadowed by the cuts. SOL price takes a hit every time the network crashes, which worries investors and developers.
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