- Analysts at Bank of America believe with its scalability and low transaction fees Solana could become Visa of crypto.
- Solana could compete with the largest altcoin Ethereum to capture higher market capitalization.
- Analysts have predicted a rally in Solana price, and set a target of $169 for the altcoin.
The Solana network has settled over 50 billion transactions since its launch. The altcoin could become the Visa of the cryptocurrency ecosystem according to analysts at the Bank of America.
Solana gears up to capture Ethereum’s market share
Bank of America, America’s largest multinational bank, believes that the Solana blockchain could become “Visa of the digital asset ecosystem.” The Solana blockchain is focused on scalability, lowering transaction fees and ease of use.
ETH2 is expected to boost the scalability of the Ethereum network. However, analysts argue that Solana is faster and effective. Solana offers developers and users the advantages similar to Ethereum’s future upgrade, right away. This has boosted the utility and adoption of the Ethereum-killer.
Visa can process 1,700 Transactions per second (TPS), however Solana network theoretically can handle at most 65,000 TPS.
Alkesh Shah, analyst at the Bank of America was quoted as saying:
Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by various network performance issues early on.
@TraderKoz, a crypto analyst and trader evaluated the Solana price trend and predicted a rally in the altcoin’s price. The analyst has set a target of $169.96 for Solana price.
$SOL
— TraderKoz (@TraderKoz) January 12, 2022
Setup that we discussed on the stream yesterday.
Sometimes price is nice to you pic.twitter.com/P2aSMcUTb8
@AltcoinSherpa, a pseudonymous analyst has predicted that Solana price could hit $170 with the current area as support.
$SOL: seems like this current area was support; makes sense given its the 200D EMA and the last area of true consolidation in September. Expecting at least a lower high to $170. #Solana pic.twitter.com/gbAJGnr8VA
— Altcoin Sherpa (@AltcoinSherpa) January 12, 2022
FXStreet analysts have predicted that Solana price is eyeing a 17% upswing. Analysts believe that the price could eye minor retracement.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.