Crypto analysts at investment management giant VanEck are predicting big things to happen for Ethereum (ETH) rival Solana (SOL) in 2024.
Matthew Sigel, head of digital asset research at VanEck, and Patrick Bush, senior investment analyst for digital assets, predicted that Ethereum will lose market share to Solana over the next year due to the Solana project’s “less uncertainty surrounding its scalability roadmap.”
Analysts also predict that Solana will grow into the top three blockchains by market capitalization, total value locked (TVL), and active users.
TVL on a blockchain represents the total capital held within a smart contract. TVL is calculated by multiplying the amount of collateral locked in the network by the current value of the asset. According to DeFi Llama, a decentralized financial information provider, Solana currently ranks 6th among chains in terms of TVL.
Sigel and Bush also predicted that Solana would join the U.S. exchange-traded fund (ETF) race. So far, financial companies have submitted spot Bitcoin (BTC) and Ethereum ETFs to the Securities and Exchange Commission (SEC).
SOL is trading at $74.05 at the time of this writing. The sixth-largest cryptocurrency asset by market capitalization is up more than 6.65% in the last 24 hours.
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