- Franklin Templeton forecasts that Solana (SOL) is poised to become the third-largest cryptocurrency by market capitalization, surpassing Binance Coin (BNB) and Tether (USDT).
- The asset manager highlights Solana's favorable positioning for future crypto adoption, particularly in decentralized finance (DeFi) and other emerging areas.
- Solana offers significant advantages such as lower transaction fees and high stability compared to other cryptocurrencies.
- The upcoming Firedancer launch, expected in a few months, is anticipated to enhance Solana's scalability to over 1 million transactions per second (TPS).
- Franklin Templeton sets a price target of $247 per SOL, envisioning further growth for Solana, while not factoring in potential price increases from the anticipated bull run in 2024/2025.
Solana has consistently demonstrated remarkable resilience and strength within the cryptocurrency market.
Franklin Templeton, a prominent asset management giant, has recognized Solana's potential and recently made a bold prediction regarding its future market position. In a tweet last week, the company suggested that Solana could potentially rise to become the third-largest cryptocurrency by market capitalization.
This prediction implies that Franklin Templeton anticipates Solana surpassing Binance Coin (BNB) and Tether (USDT), which currently boast market caps of $86 billion and $110 billion respectively.
Franklin Templeton's optimistic outlook on Solana is grounded in the cryptocurrency's positioning to capitalize on the next wave of crypto adoption, positioning itself as a major player alongside Bitcoin (BTC) and Ethereum (ETH).
Despite enduring various challenges, including operational disruptions, memecoin scams, and security incidents like the FTX crash in November 2022, Solana has remained resilient.
The asset manager attributes Solana's projected growth to its competitive advantages, such as lower transaction fees and heightened stability. These factors likely contributed to the cryptocurrency's involvement in the memecoin boom of late 2023, during which popular memecoins like BONK and WIF gained significant market traction.
Franklin Templeton expects Solana's network enhancements, particularly with the impending launch of the Firedancer mainnet, to address scalability concerns and substantially increase transaction processing speeds to over 1 million transactions per second (TPS).
Considering that the current third-ranked cryptocurrency boasts a market cap of $111 billion, Franklin Templeton envisions Solana, with its circulating supply of 448 million $SOL tokens, reaching $247 per token. This projection does not even account for potential price surges expected during the 2024/2025 bull run.
Disclaimer: Voice of Crypto strives to provide accurate and current information; however, we do not accept responsibility for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, and we advise conducting thorough research and making informed financial decisions.
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