Solana price predictions: why analyst thinks SOL crypto could be the next visa

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Solana (CCC: SOL-USD) is back in the limelight after recently adding a reputable bank to its list of supporters. That bank is Bank of America (NYSE: BAC), which has stated that the Solana blockchain could become the Visa (NYSE: V) of the digital asset ecosystem. According to CoinMarketCap, the SOL crypto is currently the fifth largest cryptocurrency based on its market capitalization of $ 47 billion. However, Solana has lost more than 10% of its value since the start of 2022, giving an attractive price prediction for Solana.

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Bank of America crypto analyst Alkesh Shah sees huge potential for this blockchain. Shah explains that Solana prioritizes “scalability, low transaction fees and ease of use”. Meanwhile, Ethereum (CCC: ETH-USD) prioritizes decentralization and security. Although the analyst notes that Solana has experienced “several network performance issues since its inception”, he still believes that Solana has the potential to take market share from ETH. Shah explains that this can be achieved by being distinguished by SOL by “user adoption and developer interest”. Ethereum currently has a market cap of $ 402 billion, which is more than eight times the market cap of Solana.

Since launching in 2020, Solana has “settled over 50 billion transactions,” representing over $ 11 billion in total locked-in value and over 5.7 million non-fungible tokens (NFTs). By comparison, Visa processed 164.7 billion transactions in the first three quarters of 2021. It is undeniable that Solana still has a long way to go before it can compete with Visa. However, investing in a start-up could potentially be a generous reward for investors.

So, with Bank of America on board the Solana Train, let’s take a look at how other experts view SOL crypto.

Solana Price Predictions Wallet Investor has a 2022 price forecast of $ 436. Impressively, that would be an 187% increase over current prices. The sentiment visual from Wallet Investor indicates that sentiment surrounding the SOL crypto has been extremely bearish over the past 30 days. FX Empire has a 2022 price prediction of $ 350. This would imply an increase of 130%. Dr Arnout Ter Schure used the Elliot Wave Principle (EWP) to explain his course objective. Ter Schure believes SOL is currently in its fourth wave, which is expected to hit a low of nearly $ 100 to $ 130. At the end of Wave Four, Wave Five has the potential to send Solana $ 350 or more. CryptoNewsZ has a 2022 price prediction of $ 250. This forecast represents an increase of approximately 65%. Like FX Empire, CryptoNewsZ also believes crypto SOL is in its fourth wave based on the Elliot Wave Principal. The website expects SOL to hit a low between $ 109 and $ 123 before rebounding. The site believes that continued partnerships and collaborations will help Solana meet its price target.

As of the publication date, Eddie Pan does not hold (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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