Crypto analysts at the investment management giant VanEck are predicting big things for the Ethereum (ETH) competitor Solana (SOL) in 2024.
Matthew Sigel, VanEck’s head of digital assets research, and Patrick Bush, a digital assets senior investment analyst, predict that Ethereum will lose market share to Solana next year due to the latter project having “less uncertainty surrounding their scalability roadmap.”
The analysts also predict that Solana will rise to become a top-three blockchain by market cap, total value locked (TVL) and active users.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets. Solana currently ranks sixth among chains in terms of TVL, according to the decentralized finance aggregator DeFi Llama.
Sigel and Bush also predict that Solana will join the race for exchange-traded funds (ETFs) in the United States. So far, financial firms have filed with the Securities and Exchange Commission (SEC) for spot Bitcoin (BTC) and Ethereum ETFs.
SOL is trading at $74.05 at time of writing. The sixth-ranked crypto asset by market cap is up more than 6.65% in the past 24 hours.
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