(Editor’s Note: This article previously stated a price prediction of $20,000 for SOL in 2022. This is incorrect and has been updated.)
Solana (CCC:SOL-USD) price predictions have the crypto set for major gains this year and we’re diving into why.
So what’s behind these bullish Solana price predictions? Bank of America analyst Alkesh Shah explains it has to do with the crypto’s blockchain. They argue that it’s primed for consumer use with “scalability, low transaction fees and ease of use.”
According to Shah, this could have SOL acting as the Visa (NYSE:V) of crypto. They also point to advantages over Ethereum (CCC:ETH-USD) that could see Solana take a significant market share from the second-largest crypto by market cap, reports Seeking Alpha.
It’s worth highlighting that massive growth for SOL isn’t unheard of. The crypto has seen major gains in the past with its value rising roughly 4,080% over the course of the last year.
However, these price predictions for Solana don’t mean ETH is out of the race. A similar bull case can be made for the crypto with changes to its protocol potentially allowing it to reach $20,000 per token by the end of the year.
For the record, Ethereum is trading for around $3,367 as of this writing. That means it would need to see a 494% jump in value to reach that $20,000 price prediction.
SOL is up 5.7% and ETH is up 3.5% over a 24-hour period as of Wednesday afternoon.
Investors looking for more crypto news today are in the right place!
InvestorPlace offers all the most recent crypto coverage that traders need to know about for Wednesday. A few examples include Cardano (CCC:ADA:USD) price predictions, what to know about EthereumMax (CCC:EMAX-USD), as well as the latest on Marathon Digital (NASDAQ:MARA). You can find all of that info by checking out the links below!
More Crypto News for Wednesday
- Cardano Price Predictions: Where Will ADA Go After a Big Crypto Crash?
- EthereumMax: 7 Things to Know About EMAX as Kim Kardashian, Floyd Mayweather Get Sued Over the Crypto
- For Better or Worse: Marathon Is a Levered Bet On Bitcoin
On the date of publication, William White did not have (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.