Investment Giant VanEck Drops Huge Solana Prediction For 2024

It has been revealed that the investment giant VanEck has dropped a massive Solana-related prediction. Check out more details about this below.

According to the investment management firm VanEck, crypto analysts are predicting a bright future for Solana (SOL), a competitor of Ethereum (ETH), in 2024.

Matthew Sigel, the head of digital assets research at VanEck, and Patrick Bush, a senior investment analyst for digital assets, predict that Solana will gain market share over Ethereum next year due to the former project’s “scalability roadmap” having less uncertainty.

The analysts also predict that Solana will become a top-three blockchain by market cap, total value locked (TVL), and active users.

The total value locked (TVL) in a blockchain refers to the amount of capital held within its smart contracts. To calculate TVL, the amount of collateral locked into the network is multiplied by the current value of the assets.

According to the decentralized finance aggregator DeFi Llama, Solana is currently ranked sixth among other chains in terms of TVL.

Additionally, Sigel and Bush predict that Solana will enter the competition for exchange-traded funds (ETFs) in the United States. Financial firms have already submitted filings with the Securities and Exchange Commission (SEC) for spot Bitcoin (BTC) and Ethereum ETFs.

As of writing this, SOL is trading at $74.05. It is currently the sixth-ranked crypto asset by market cap and has gone up by more than 6.65% in the last 24 hours.

According to a popular crypto analyst, Solana (SOL), which is considered to be a rival of Ethereum (ETH), is preparing to continue its upward trend.

Altcoin Sherpa, a crypto strategist who has a following of 200,700 on X social media platform, suggests that the smart contract platform will see significant growth in the future.

However, he also warns traders of an upcoming dip due to the excessive supply of SOL from FTX that will flood the market.