Solana (CCC:SOL-USD) is in the spotlight once again after recently adding a reputable bank to its list of supporters. That bank is Bank of America (NYSE:BAC), who stated the Solana blockchain could become the Visa (NYSE:V) of the digital asset ecosystem. According to CoinMarketCap, the SOL crypto is currently the fifth-largest cryptocurrency based on its market capitalization of $47 billion. However, Solana has lost more than 10% of its value since the start of 2022, making for interesting Solana price predictions.
Bank of America crypto analyst Alkesh Shah sees massive potential for this blockchain. Shah explains that Solana prioritizes “scalability, low transaction fees and ease of use.” Meanwhile, Ethereum (CCC:ETH-USD) prioritizes decentralization and security. Although the analyst notes that Solana has experienced “several network performance issues since inception,” he still believes that Solana has the potential to take market share from ETH. Shah reasons that this can be achieved by SOL distinguishing itself through “user adoption and developer interest.” Ethereum currently carries a market cap of $402 billion, which is more than eight times greater than Solana’s market cap.
Since launching in 2020, Solana has “settled over 50 billion transactions,” representing more than $11 billion in total value locked and more than 5.7 million minted non-fungible tokens (NFT). For comparison, Visa processed 164.7 billion transactions in the first three quarters of 2021. It’s undeniable that Solana has a long way to go before being able to compete with Visa. However, investing in an early-stage company could potentially reward investors handsomely.
So, with Bank of America aboard the Solana train, let’s take a look at how other experts view the SOL crypto.
Solana Price Predictions
- Wallet Investor has a 2022 price prediction of $436. Impressively, this would represent an upside of 187% from current prices. Wallet Investor’s sentiment visual indicates that sentiment surrounding the SOL crypto has been extremely bearish for the past 30 days.
- FX Empire has a 2022 price prediction of $350. This would imply upside of 130%. Dr. Arnout Ter Schure utilized the Elliot Wave Principle (EWP) to explain his price target. Ter Schure believes that SOL is currently in its fourth wave, which should yield a bottom near $100 to $130. Upon completion of the fourth wave, the fifth wave has the potential to send Solana to $350 or higher.
- CryptoNewsZ has a 2022 price prediction of $250. This prediction represents upside of around 65%. Like FX Empire, CryptoNewsZ also believes the SOL crypto is in its fourth wave based on the Elliot Wave Principal. The website expects SOL to bottom between $109 to $123 before rebounding. The site believes continued partnerships and collaborations will help Solana achieve its price target.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.