Solana (CCC:LEFT-USD) Price predictions have predicted that the cryptocurrency will make significant gains this year as it could reach $20,000 per token.
Given that SOL is trading at around $151 as of this writing, this is some incredibly bullish outlook for the cryptocurrency. It represents a potential upside of 13,145% over the current value of the digital currency.
So what is behind these bullish expectations for Solana price? An analyst at Bank of America, Kish Shah, explains that it is about the cryptocurrency blockchain. They argue that it is geared towards consumer use through “scalability, low transaction fees, and ease of use”.
According to Shah, this can lead to SOL playing a role Visa (New York Stock Exchange:Fifth) of encryption. They also point out more advantages Ethereum (CCC:ETH-USD) could see Solana overtake as the second largest cryptocurrency by market capitalization, compared to its current fifth position, according to reports. Alpha search.
It’s worth noting that SOL’s explosive growth is unheard of. Crypto has seen significant gains in the past as its value has increased by about 4,080% over the past year.
However, these price predictions for Solana do not mean that ETH is out of the race. A similar case could be made for cryptocurrencies with changes to their protocol that will likely also allow them to reach $20,000 per token by the end of the year.
For the record, Ethereum is trading for about $3,367 as of this writing. This means that she would need to see a 494% increase in value to reach her $20,000 price prediction.
SOL is up 5.7% and ETH is up 3.5% in the 24-hour period starting Wednesday afternoon.
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Posted in William White He did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com Posting Guidelines.