Crystal Ball For Solana: Envisioning A Staggering 2030 Valuation
October 30 2023 - 1:40AM
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A recently released report explores the future potential of
blockchain technology, particularly focusing on the revival and
growing influence of Solana (SOL) in the crypto market. Asset and
mutual fund manager VanEck disclosed one key driver of Solana’s
influence is its advancements in Smart Contract Platforms (SCPs),
defined as systems that execute contracts on a blockchain without
requiring third-party involvement. Although other SCP-compatible
blockchains exist, such as BNB Chain and Ethereum (ETH), Solana has
notably dominated this sector. VanEck’s analysis suggests that this
sector, particularly SCPs, is poised for significant adoption in
the future, positioning Solana as a prominent player in the
blockchain industry. Related Reading: Bitcoin Braces For $50
Billion Influx Following ETF Launch, Bitwise CEO Says Solana’s
Dominance In Smart Contract Platforms Solana’s emergence as a
dominant force in the SCP realm is reinforced by its high
throughput and scalability, surpassing many existing blockchain
networks. Its ability to process a high volume of transactions
quickly and at a lower cost compared to some competitors has been a
pivotal factor driving its influence and potential for widespread
adoption. Total crypto market cap currently at $1.24 trillion.
Chart: TradingView.com Additionally, Solana’s ecosystem has seen a
surge in decentralized applications (dApps) and projects leveraging
its infrastructure, further solidifying its position as an
attractive and viable platform for developers and users alike. This
growing adoption and technical superiority hint at a promising
trajectory for Solana, suggesting it may remain a key player in the
expanding landscape of blockchain technology. The VanEck report
underscored the undeniable dominance of Solana in the SCP sector.
But despite these existing alternatives, none have managed to rival
Solana’s current supremacy within the field. VanEck further
highlighted the sector’s imminent surge in adoption, foreseeing a
promising growth trajectory by 2030. Source: VanEck However, the
report also emphasized the necessity of a groundbreaking
application for exponential expansion. According to VanEck, among
the contenders, Solana stands as the most fitting platform with the
potential to fill this pivotal role, positioning itself as the
likely candidate to lead the sector’s transformative growth. VanEck
observed that the blockchain hosting the groundbreaking application
could experience substantial benefits from the app’s generated
activity. The analysis presents a scenario where Solana becomes the
pioneering blockchain to support a single application that brings
on board over 100 million users. Over the past week L1s have
started to see a shift in sentiment.$SOL activity for the month has
translated to sharp increased in DEX volume activity as TVL and
users have seen an uptick. Is this the start of a new trend?
pic.twitter.com/wfFyYlvBVS — Artemis (@artemis__xyz) October 26,
2023 Artemis’s Analysis: Solana’s Resurgence and Growth Meanwhile,
Artemis, an institutional digital asset data platform, recently
highlighted Solana’s remarkable resurgence, underscoring the
project’s growth. In an October 26 post on X (formerly Twitter),
Artemis expressed being impressed by Solana’s performance, citing
key metrics such as Total Value Locked (TVL), decentralized
exchange (DEX) volume, active addresses, and transactions. Related
Reading: Pepe Conquers The Weekend Charts With 61% Rally – Here’s
Why Notably, Artemis emphasized its expectations for the network’s
future improvement, especially with its 100% uptime since March
2023. The collective positive sentiments from both Artemis and the
asset management firm shed light on Solana’s recovery and
significant potential, as detailed in their respective analyses. At
the time of writing, Solana (SOL) was trading at $32.83, up 3.5% in
the last 24 hours and registered a decent 7.8% increase in the last
seven days, according to figures by Coingecko. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from TechSAA
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