Bank of America believes Solana blockchain could become Visa of the crypto ecosystem


Share:
  • 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. 

@AltcoinSherpa, a pseudonymous analyst has predicted that Solana price could hit $170 with the current area as support. 

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement. APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months. 

More APE News

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

Circle announced plans to discontinue USDC on the TRON blockchain in a phased manner. USDC issuer will no longer mint the stablecoin on TRON, effective Wednesday. Circle stated that its decision is a part of risk management and USDC will remain safe with the change.

More Cryptocurrencies News

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap v2 enables swaps on six chains and users can access it from a single interface. UNI price declined nearly 4% on Wednesday to $7.309. UNI price could revisit 2024’s peak at $7.972 as on-chain metrics support uptrend.

More Cryptocurrencies News

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO Brad Garlingouse commented on the SEC v. Ripple lawsuit and a potential XRP ETF. The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business. 

More Ripple News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP