Franklin Templeton, a major investment management firm, sees Solana challenging for the third position among cryptocurrencies.
Despite the collapse of its main investor and scalability issues, Solana's resilience and low transaction fees have attracted attentio
The investment giant has based this on Solana's strong positioning for wider crypto adoption in the future.
Investment management giant Franklin Templeton, a major player in the Bitcoin market, has identified Solana as a potential contender for the number three spot among cryptocurrencies.
Currently ranked fifth, Solana could surpass stablecoin Tether and BNB in market capitalization, according to a note from Franklin Templeton. The company, with over $1.5 trillion in assets under management, believes Solana is well-positioned to capitalize on the next wave of crypto adoption.
This bullish outlook comes despite recent challenges for Solana. The network, heavily impacted by the collapse of its former main investor FTX, also faced temporary scalability issues. However, Solana's developers quickly addressed these problems, showcasing network resilience
Furthermore, Solana's low transaction fees and successful scalability efforts have fueled adoption. The network has also benefited from the recent memecoin boom, hosting popular projects like BONK and WIF.
Looking beyond meme coins, Franklin Templeton sees potential in other areas for Solana's growth. Decentralized payment systems and decentralized physical infrastructure (DePIN) projects are highlighted as promising sectors that could contribute to the network's expansion
While acknowledging past network congestion issues, Franklin Templeton recognizes the developers' swift action in resolving them. This focus on continuous improvement strengthens the company's positive outlook on Solana's future.
