With Solana long being called the ‘Ethereum Killer’, $100 billion asset manager VanEck has said the network has the potential to reach 50% of Ethereum’s market cap. Indeed, a recent report from its research firm notes that SOL could eventually target a $330 price, as it closes the gap on ETH.
The crypto market has always had high hopes for Solana. Its fast transaction speeds and low costs have made it a consistent alternative to Ethereum. Although it has yet to truly break through and compete with the second-largest cryptocurrency, VanEck notes that may be beginning to change.
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Solana Could Hit $330, as VanEck Champions Network Over Ethereum
The digital asset market took a massive step forward in 2024 with the arrival of crypto-based ETFs. The investment product opened up an entirely new avenue of exposure. Yet, it was jus the top two cryptos that received approval; Bitcoin and Ethereum. Earlier this year, GSR Markets released a report noting that Solana should be the next in line.
That has been followed by a massive surge in interest for Solana. The network has boasted some impressive integrations, with firms like Franklin Templeton, Citigroup, PayPal, and Coinbase. With superior technology behind the network, $100 billion asset manager CanEck has said that Solana has the potential to reach 50% of Ethereum’s market cap.
The asset manager’s research firm says that “data is striking,” when comparing SOL to ETH. “Solana processes 3,000% more transactions than Ethereum, has 1,300$ more daily active users, and its transaction fees are nearly 5 million percent cheaper,” the report noted.
Source: Decrypt
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That discrepancy is undeniable and could be the catalyst for a shift within the market. The report notes that “Third-party research” affirms Solana’s potential to reach half of ETH’s market cap. Additionally, they note the presence of prediction “placing SOL at a price of USD 330.”
VanEck notes that institutional investment has lagged behind retail investors. Yet, it assures that both sides are “waking up to Solana’s advantages.” There is no denying that the network is poised to have a prominent role in the continued development of the crypto sector. Specifically, as it pertains to institution interest and participation.
