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

  • 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets cling to the idea of a bullish breakout

Bitcoin price is slowing down as it sticks close to a crucial support level with no volatility in sight. Ethereum and Ripple are following the big crypto’s lead and consolidating, showing no directional bias whatsoever.

More Bitcoin News

Dogecoin Price Prediction: DOGE set to dip another 15%

Dogecoin (DOGE) is under siege by bears as price action books a fourth consecutive day of losses. DOGE bulls are being pushed up against support at $0.16, which goes back to July 20. If global markets sentiment does not change, more downside is in the pipeline for DOGE, with a dip towards $0.13.

More Dogecoin News

Sandbox price finds stable support as SAND readies to rebound

Sandbox price is bouncing off a confluence of support, suggesting that an uptrend is likely. Investors can expect SAND to face a minor blockade before reaching the next significant hurdle.

More Sandbox News

Cardano price bullish reversal pattern could launch ADA toward $1.96

Cardano price has sliced above a crucial resistance barrier, which validated a bullish chart pattern. However, momentum declined as ADA retraced slightly, testing a critical line of defense before the Ethereum killer targets bigger aspirations.

More Cardano News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis