A widely followed crypto analyst is naming a number of potential bullish catalysts for Ethereum (ETH) competitor Solana (SOL).
In a new video, the anonymous host of InvestAnswers tells his 447,000 YouTube subscribers that Solana is receiving more mainstream attention amid key program developments.
“I see a number of different tailwinds for Solana. It is still riskier than ETH. ETH is the 800-pound gorilla. Nearly everything runs on Ethereum. And it’s very hard to knock that rider off the horse. But let me talk to you about some of the tailwinds…
The world is waking up to it now, all the narratives, [the] mainstream media. You got Fidelity talking about ETH and SOL alongside each other. You have that other report coming out from Standard Chartered Bank. They said ETH is going to $8,000 and they also referenced Solana in their research paper that Solana could eat a lot of ETH market share, especially around things like tokenization, which was huge.”
The analyst lists a number of tailwinds for Solana, including Solana Pay, which recently integrated with Shopify, and the project’s crypto-friendly smartphone Saga.
“But the tailwinds are Solana Pay, Saga phone, the decentralized app store. They’ve got EVMs (Ethereum virtual machine) and SVMs (Solana virtual machine) built on Solana so now SOL-to-ETH bridging is very capable.
Firedancer and one million transactions per second, that’s coming. They hope to come out of beta at the end of this year and launch sometime in 2024. But that will bring resilience, efficiency, decentralization and security. This whole thing is built on C++, whereas Ethereum is built on Rust… And if they have both up and running, there is no risk of ever any downtime again.
Also, cost-efficiency and scalability, the Visa partnership, great tokenomics, gaming, tokenization of the world.”
Solana is trading for $24.18 at time of writing, up 9.27% in the last 24 hours.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney