Crypto analysts at investment management giant VanEck predict big things will happen in 2024 for Ethereum (ETH) competitor Solana (SOL).
Matthew Siegel, Head of Digital Asset Research and Patrick Busch, Senior Investment Analyst for Digital Assets, at VanEck. Predict Ethereum expects the Solana project to lose market share next year due to “less uncertainty surrounding its scalability roadmap.”
Analysts also predict that Solana will emerge among the top three blockchains in terms of market capitalization, total value locked (TVL), and active users.
The TVL of a blockchain represents the total capital held within a smart contract. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the asset. According to the decentralized finance aggregator, Solana currently ranks 6th among the chains in terms of TVL. DeFi Llama.
Siegel and Busch also expect Solana to join the U.S. exchange-traded fund (ETF) race. So far, financial companies have filed Spot Bitcoin (BTC) and Ethereum ETFs with the Securities and Exchange Commission (SEC).
At the time of writing, SOL is trading at $74.05. The crypto asset, which ranks 6th in terms of market capitalization, has gained over 6.65% in the past 24 hours.
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