Key Points:
-
Solana NFTs are likely to drive growth as institutional money digs in.
-
Binance Coin quarterly coin burns are expected to keep the price on a long-term growth trajectory.
-
The growing interest by institutions in the Solana ecosystem could trigger FOMO.
Solana SOL/USD made its debut in the crypto market in 2020 and quickly became a top 10 cryptocurrency by 2021. While Solana turned bearish in late 2021 due to questions around its network reliability, it has gained traction faster than other top 10 cryptocurrencies in the last few days. This follows increased confidence in Solana by Venture Capital firms betting big on Solana NFTs.
Fractal, a crypto gaming marketplace for Solana NFTs, recently raised $35 million in its latest round of funding. Even more interesting is that top names in crypto, such as Andreessen Horowitz and Coinbase, led the funding round. In March, another NFT platform, Magic Eden, which also handles Solana NFTs, managed to raise $27 million in a VC-led round of funding.
On its part, Binance Coin BNB/USD continues to grow in intrinsic value as the Binance ecosystem gets bigger. Besides the expanding range of products where Binance coin has a use case, Binance Coin is a deflationary cryptocurrency. This means that with every coin burn, Binance Coin becomes scarcer, which is likely to continue positively impacting the price long-term.
Why Solana Could be a better investment
While both Solana and Binance Coin have good prospects long term, Solana is likely to be a better bet in the short to medium term. That’s because NFTs are a big deal in the markets today, and Solana NFTs are among the most popular in the cryptocurrency market. Now that multi-million investments are going into Solana NFTs, FOMO could easily see Solana test and breakthrough its most recent highs in the short term.
Summary
Solana and Binance Coin are two of the most fundamentally strong cryptocurrencies in the market today. While both are good buys, Solana has more significant news short term and could outperform BNB.