- Sam Bankman-Fried told Kitco in an interview that the next Bitcoin would be a blockchain with high throughput like Solana and Avalanche.
- Though the Solana blockchain has failed to gain mass adoption, it is likely that it becomes the largest DeFi base layer.
- Institutions and influential investors are flocking to the Solana ecosystem, driving demand higher and increasing value captured by the altcoin.
- Analysts are bullish on SOL price, predicting a rally to $305 as the altcoin continues to climb.
The next Bitcoin has to be a blockchain with the potential to process thousands of transactions per second. Since the Solana blockchain can process 50,000 transactions per second, Sam Bankman-Fried sees potential in SOL becoming the next Bitcoin.
Analysts are bullish on Solana price, predict a rally to a new all-time high
Solana price plunged below $200 in the Black Friday crypto bloodbath. The altcoin’s price has recovered from the drop and is trading close to $200 at the time of writing. There is a spike in institutional inflow and capital rotation into Solana over the past two months.
Influential investors are bullish on Solana, contributing to a rise in the altcoin’s adoption. In a recent interview with Kitco, Sam Bankman-Fried (SBF) lauded Solana for the protocol’s ability to scale to millions of transactions per second. The FTX CEO said that it makes Solana an integral part of cryptocurrency adoption and the next Bitcoin.
Solana’s scalability could help it evolve into the new Ethereum or Bitcoin, and SBF was quoted as saying,
I am optimistic about Solana. She has every chance of doing this, which is very interesting, I think.
@venturefounder, a cryptocurrency analyst, believes that Solana may end up rivaling Ethereum with a rise in institutional adoption.
#SOLANA is where many influential investors are betting on (including SBF & FTX), and it is fast and cheap to use
— venturefoundΞr (@venturefounder) November 26, 2021
Cheap gas -> innovation -> value capture
GGSG is a blue-chip NFT for Solana, marketcap is tiny today, but if $SOL ends up rivaling $ETH, can easily go 10x from here pic.twitter.com/m1ToEzQPHi
Cryptocurrency analysts at “More Crypto Online” are bullish on Solana. Analysts have predicted a price rally to a new all-time high at $305 as the altcoin price trend reverses.
FXStreet analysts have evaluated the SOL price trend and predicted that by crossing $230, Solana could resume a parabolic trend.
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
Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023
Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective.
Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin
Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens.
Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol
Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit.
Cardano price gets underpinned, could move 10% north before New Year
Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background.
Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023
A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.