- Experts believe that Solana's interoperability is higher than Algorand's, making it a superior blockchain network.
- Kyle Samani recently explained how Solana scales through parallelism, making it the "Netflix" of cryptocurrencies.
- Analysts have set a price target of $1300 for SOL, predicting a further upward climb in SOL.
Solana's race to the top continues with the "Ignition" hackathon and Web3 infrastructure under development on the SOL blockchain. Close competitor Algorand has a lower price potential when compared to Solana in the long term.
Solana continues an upward climb, labeled "Netflix" of cryptocurrencies
Solana has become popular as an "Ethereum-killer," a decentralized blockchain that scales through "parallelization." SOL's ongoing price rally has garnered the attention of experts and analysts alike.
Kyle Samani, co-founder and managing partner at Multicoin Capital, recently compared Solana to "Netflix."
Samani was quoted as saying:
I think that probably the most famous story like this [Solana] is Netflix. Reed Hastings wanted to do streaming at the time of starting but knew that the bandwidth wasn't there, and they were able to look at that in like 2002 or whatever...I think they could look at this as kind of a similar type of problem space.
Samani explains how Solana offers the predictability and scalability that projects in the cryptocurrency ecosystem need. The Solana ecosystem continues growing; the addition of the Ethereum-Solana bridge has $200 million in total value locked.
Solana's two key decentralized applications, "Serum" and "Star Atlas," have high growth potential in the future.
When compared with Algorand, a smart contract platform, Solana has the highest growth potential. Solana's interoperability gives it an edge over competitors in the ecosystem.
Guy, a cryptocurrency analyst at Coin Bureau, was quoted in a recent YouTube video,
Solana is very open to interoperability, and because interoperability is the future of cryptocurrency, this is actually a really big deal.
Ryan Wilday, a cryptocurrency analyst at Elliot Wave Trader, analyzed Solana's price trend and shared his target for the altcoin. Wilday says,
Solana's a hot coin right now. And, I mean, I interacted with it as well. It's a dream. I mean, it's ultra-fast. It's cheap. I mean, the fees are like less than 4 cents...and then I have this alternate view that eventually gets $1,300.
FXStreet analysts have evaluated SOL's price and predicted that the altcoin is ready to retest its all-time high at $213.
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.