Global investment giant, Franklin Templeton is predicting Solana’s SOL is ready to establish itself as a top-3 cryptocurrency asset soon. In a new analysis, the firm’s digital assets unit suggests that SOL is on its way to becoming a “third major crypto asset” after Bitcoin (BTC) and Ethereum (ETH), thanks to the growth of the Solana Network.
The Solana network has witnessed significant increases in total fees and decentralized exchange (DEX) volumes in the past year, according to Templeton analysts. At press time, SOL is trading at $151 and is up 11% in the past week. The Franklin Templeton analysis predicts the following for Solana SOL’s immediate future:
“We expect this growth to continue as Solana’s network effects grow stronger and its network performance improves even more, positioning itself to capture the next trends in crypto. The network has proven to have some of the lowest fees, lowest transaction latency, and highest data throughput relative to other networks. This is where Solana really shines.”
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Solana SOL To Join Big 3 Cryptocurrencies In 2024?
In addition, Franklin Templeton also believes that Solana SOL can serve as the focal point of adoption for several sectors in the crypto space. These include decentralized physical infrastructure (DePIN), payments, compression non-fungible tokens (NFTs), and centralized limit order books (CLOBs). The firm is also bullish on a surge for SOL in the coming months if the network continues to grow, and if the hype around Solana’s meme-coins continues to shine as well.
“Further, the Solana ecosystem has more expected airdrops in the coming months which should continue adding a wealth effect to the ecosystem,” the firm’s analysis says. “And memecoin activity has shown no signs of slowing down on the network.”
Despite a rough 14% drop in April, Solana remains the fifth biggest crypto asset in the world in terms of market cap. Trading volume today is also up 10.32%.