Ethereum Competitor, Solana, Could Become Visa Of Crytpos

Solana had been making many headlines last year, and the coin continues to shine these days as well.

It’s been just revealed that an analyst from financial giant Bank of America is saying that smart contract platform Solana (SOL) could become the “Visa” of digital assets.

According to a new report mentioned by the online publication the Daily Hodl, Alkesh Shah says that while top altcoin Ethereum (ETH) prioritizes decentralization and security at the expense of scalability, SOL does the opposite. This transforms it into a prime candidate to eat into ETH’s market share.

“[Solana’s] innovations allow for the processing of an industry-leading 65,000 transactions per second with average transaction fees of $0.000025 while remaining relatively decentralized and secure.”

Shah says Solana’s blockchain is optimized for micropayments associated with gaming and NFTs, which has him comparing the network to payments giant Visa.

“Solana could become the Visa of the digital assets ecosystem. Ethereum’s prioritization could optimize it for high-value transactions and identity, storage, and supply chain use cases.”

As the online publication mentioned above notes, SOL has seen its price soar over 4000% in the last year.

In other words, it managed to outpace ETH in terms of growth and boosted its market cap to $47 billion.

Since its launch in March 2020, Solana has seen more than 50 billion settled transactions and more than 5.7 million NFTs minted on its blockchain, per the report.

In a new Q&A session, the host of financial education YouTube channel InvestAnswers addressed where he thinks Solana (SOL) is headed over the next six months.

“I’m pretty confident we’ll see $400 or $450. And if the market goes bonkers, it could go as high as $700…I do expect a lot of activity to happen in the next one or two quarters, by June.”

Stay tuned for more news from the crypto space.