Solana Soars: VanEck Forecasts Top Three Blockchain Status by 2024

Estimated read time 2 min read
  • VanEck’s analysts, Matthew Sigel and Patrick Bush, predict that Solana (SOL) will outpace Ethereum by 2024, becoming a top-three blockchain in terms of market cap, total value locked, and active users.
  • The duo also anticipates Solana’s entry into the U.S. ETF race, signaling a potential paradigm shift in the blockchain hierarchy.

In the ever-evolving landscape of blockchain technology, investment management giant VanEck is making waves with its bold prediction for Solana (SOL), positioning it as a formidable contender to break into the top three blockchains by market cap in 2024.

Scalability Confidence Boosts Solana’s Prospects

VanEck’s head of digital assets research, Matthew Sigel, and senior investment analyst, Patrick Bush, are steering the ship of optimism for Solana, foreseeing Ethereum (ETH) losing market share to its rival. Their rationale hinges on Solana’s perceived advantage of having “less uncertainty surrounding their scalability roadmap.” In an era where scalability issues have plagued several blockchain networks, Solana’s apparent clarity on this front has garnered attention from seasoned analysts.

Sigel and Bush not only foresee Solana outpacing Ethereum but also ascending the ranks in terms of market capitalization, total value locked (TVL), and active users. Total Value Locked, representing the capital within a blockchain’s smart contracts, is a pivotal metric. Solana, currently ranking sixth by TVL, is gaining ground rapidly, according to data from DeFi Llama, a decentralized finance aggregator.

Solana’s ETF Aspirations

The VanEck analysts also predict Solana’s entry into the competitive field of Exchange-Traded Funds (ETFs) in the United States. While financial firms have primarily sought approvals for spot Bitcoin (BTC) and Ethereum ETFs, Solana’s potential involvement signals a diversification trend. If realized, this move could further cement Solana’s position as a key player in the broader financial landscape.

As of the latest market snapshot, SOL is trading at $74.05, showcasing a commendable 6.65% surge in the past 24 hours. This surge adds to the positive momentum that Solana has been experiencing, affirming its status as the sixth-ranked cryptocurrency by market capitalization.

VanEck’s prediction sets the stage for a potential paradigm shift in the blockchain hierarchy, with Solana emerging as a significant disruptor. As the crypto space continues to evolve, keeping an eye on Solana’s trajectory promises to be a captivating journey for investors and enthusiasts alike.

Whether the predictions materialize or not, the dynamics between Ethereum and Solana are undoubtedly steering the blockchain narrative toward new and exciting possibilities.

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