Bank of America believes Solana blockchain could become Visa of the crypto ecosystem

content provided with permission by FXStreet

  • Analysts at Bank of America believe with its scalability and low transaction fees Solana could become Visa of crypto. 
  • Solana could compete with the largest altcoin Ethereum to capture higher market capitalization. 
  • Analysts have predicted a rally in Solana price, and set a target of $169 for the altcoin. 

The Solana network has settled over 50 billion transactions since its launch. The altcoin could become the Visa of the cryptocurrency ecosystem according to analysts at the Bank of America. 

Solana gears up to capture Ethereum’s market share

Bank of America, America’s largest multinational bank, believes that the Solana blockchain could become “Visa of the digital asset ecosystem.” The Solana blockchain is focused on scalability, lowering transaction fees and ease of use. 

ETH2 is expected to boost the scalability of the Ethereum network. However, analysts argue that Solana is faster and effective. Solana offers developers and users the advantages similar to Ethereum’s future upgrade, right away. This has boosted the utility and adoption of the Ethereum-killer. 

Visa can process 1,700 Transactions per second (TPS), however Solana network theoretically can handle at most 65,000 TPS. 

Alkesh Shah, analyst at the Bank of America was quoted as saying:

Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by various network performance issues early on.

@TraderKoz, a crypto analyst and trader evaluated the Solana price trend and predicted a rally in the altcoin’s price. The analyst has set a target of $169.96 for Solana price. 

@AltcoinSherpa, a pseudonymous analyst has predicted that Solana price could hit $170 with the current area as support. 

FXStreet analysts have predicted that Solana price is eyeing a 17% upswing. Analysts believe that the price could eye minor retracement.