New York, Friday, December 8– Investment firm VanEck, in its recent report titled 15 Crypto Predictions for 2024, predicts a surging year for Solana (SOL), forecasting it could join the top three cryptocurrencies by market cap. 1
The report, released on December 7, cites Solana’s impressive technical capabilities, with its fast 65,000 transactions per second (TPS) capacity eclipsing Ethereum’s current limitations, as a key driver of its projected ascent.
“Solana will become a top 3 blockchain by market cap, Total Value Locked (TVL), and active users. Fueled by this rise, Solana will join the spot ETF wars thanks to a flurry of asset managers submitting filings,” the report said. VanEck’s full report can be read here.
It says that SOL’s scalability makes Solana a prime candidate for powering a diverse range of decentralized applications (dApps) across DeFi, NFTs, and Web3 gaming.
VanEck also highlights the growing Solana ecosystem, fueled by popular projects like Serum, Raydium, and Solanart, which are attracting a growing user base and significant liquidity.
VanEck also highlights the institutional interest in SOL.
VanEck points to the platform’s robust fundamentals and growth potential as key factors drawing institutional investors.
The report outlines three potential scenarios for Solana’s future:
Base case: Reaching a $120 billion market cap by 2024, driven by continued adoption and ecosystem expansion.
Bear case: Landing at $50 billion, reflecting slower growth or competition challenges.
Bull case: Soaring to $300 billion, hinging on capturing a significant share of the DeFi and Web3 gaming markets.
As the cryptocurrency market is notoriously volatile, whether it scales the heights predicted by VanEck remains to be seen.
- VanEck: https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vanecks-15-crypto-predictions-for-2024/#solana-outperforms-ethereum-with-resurging-defi-tvl[↩]
