Solana Becomes the Visa of Cryptocurrencies, says Bank of America Analyst

Solana Becomes the Visa of Cryptocurrencies, says Bank of America Analyst

As altcoins remain to be the attention seekers of the entire crypto market, Solana (SOL), a digital asset holds a separate fan base and a huge number of holders in the marketplace. SOL ranks as the fifth-largest cryptocurrency with a market capitalization of about $46B as of its current status.

Further, observing its rise and scope, Alkesh Shah – Bank of America crypto analyst revealed a research report recently. The report shares that, Shah strongly believes, Solana (SOL) will soon become the “Visa of Cryptocurrencies”

More so, analyst Shah adds, Solana value depends on the transaction process it handles per second. Thus, Solana’s important features like its scalability, low transaction fees, and user-friendly platform makes it potential to grab Ethereum’s market share. 

SOL – Visa of Digital Assets

Solana, a highly spoken altcoin, which were also the recent talk of the town for competing with Ethereum’s value in the market. The crypto strategist of Bank of America is pointing out that Solana has settled over 50 billion transactions from 2020, since its launch. 

In addition, the Solana network covered over  $11 billion in TVL on its decentralized finance (DeFi) ecosystem. Also SOL was used to mint more than 5.7 million non-fungible tokens (NFTs). Thus, through these smart performances, the BOA analyst believes that Solana will take away Ether’s market share. Thereby focusing on low transaction fees and scalability functions. 

However, ETH market cap values at $398 billion at present. But it might lose because of its low transactions per second. Significantly, comparing both the digital assets, Ethereum processes 12 transactions per second. Whereas Solana handles 2,400 transactions per second. Moreover, Solana’s processing limit is up-to 65,000 TPS. 

Thus, the crypto analyst from Bank of America, Shah states, 

“Solana is highly potential in providing low cost, scalability and ease of use. This helps the network to create an enhanced blockchain for consumer use cases. For micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.” 

Furthermore, in the research report, Shah adds that Ethereum is concentrated more on its high-value transactions. Also its identity, storage and supply chain use cases. Thus, all these functions of ETH will turn it down, giving a chance for Solana and other scalable networks to take away its market share. 

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