Solana’s price predictions: why some analysts believe SOL Crypto will skyrocket in 2022

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(Editor’s Note: This article previously showed a price prediction of $ 20,000 for SOL in 2022. This is incorrect and has been updated.)

Solana’s price prediction (CCC: SOL-USD) has the crypto set for major gains this year and we dive into why.

Source: Shutterstock

So what is behind these bullish price predictions from Solana? Bank of America analyst Alkesh Shah explains that it has to do with the crypto blockchain. They claim that it is designed for consumer use with “scalability, low transaction costs, and ease of use.”

According to Shah, this could cause SOL to act as a crypto Visa (NYSE: V). They also point out advantages over Ethereum (CCC: ETH-USD) that could allow Solana to take a significant market share from the second largest crypto by market cap, Seeking Alpha reports.

It should be emphasized that the massive growth of SOL is not unheard of. The crypto has seen major gains in the past, with its value increasing by around 4,080% over the past year.

However, these price predictions for Solana do not mean that ETH is out of the race. A similar case can be made for crypto with changes to its protocol potentially allowing it to reach $ 20,000 per token by the end of the year.

For the record, Ethereum is trading at around $ 3,367 as of this writing. This means that one would have to see a 494% increase in value to reach that price prediction of $ 20,000.

SOL is up 5.7% and ETH is up 3.5% in a 24-hour period Wednesday afternoon.

Investors looking for more crypto news today have come to the right place!

InvestorPlace offers all of the most recent crypto coverage traders need to know for Wednesday. Some examples include Cardano Price Predictions (CCC: ADA: USD), Things to Know About EthereumMax (CCC: EMAX-USD), and the latest information on Marathon Digital (NASDAQ: MARA). You can find all of this information by checking the links below!

More crypto news for Wednesday

As of the publication date, William White does not have (directly or indirectly) any position in any of the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

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