Here’s Why Solana (SOL) Might Become the Third Largest Cryptocurrency

Franklin Templeton bullish on Solana (SOL), predicting it will become the third-largest crypto by market cap due to DeFi, scalability, and a price target of $247.
Solana SOL VoiceOfCrypto
Solana SOL VoiceOfCrypto

Key Insights

  • Franklin Templeton predicts Solana (SOL) will become the third-largest crypto, beating BNB and USDT in market cap.

  • The asset manager sees Solana positioned well for future crypto adoption in areas like DePIN and other

  • Lower transaction fees and high stability are also huge advantages for Solana.

  • The upcoming Firedancer launch in a few months is expected to boost Solana's scalability to more than 1 million TPS

  • Franklin Templeton predicts a price target of $247 per SOL, without mentioning the incoming rally from the 2024/2025 bull run

Solana has always been one of the toughest and most resilient cryptocurrencies on the market.

Asset management giant, Franklin Templeton recognizes this and has made a pretty bold prediction about the current 5th largest cryptocurrency by market cap.

Last week in a tweet, the company stated that Solana might turn out to become the third-largest cryptocurrency by market cap.

This means that Franklin Templeton expects the cryptocurrency to beat BNB and tether, both of which have $86 billion and $110 billion in market cap at the time of writing.

Let’s see what Franklin Templeton’s predictions entail.

Why Solana Could Be the Next Big Thing

Franklin Templeton has long since been a big believer in Solana’s potential.

This comes amid several challenges the cryptocurrency has faced over the years including frequent outages, the rash of memecoin scams and thefts, as well as the not-so-far-away crash from the FTX issue in November 2022.

<div class="paragraphs"><p>Solana’s potential</p></div>

Solana’s potential

According to the note from the asset manager “Solana’s growth is likely to continue because it is well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH),”.

This confidence in part, comes from Solana’s position at the forefront of the crypto and memecoin explosion between late 2023 and now.

Solana’s Resilience So Far

The FTX crash might have happened about two years ago. However, it remains fresh in the minds of its victims, considering how it has bounced back with massive adoption figures.

According to Franklin Templeton, the cryptocurrency is set to rally mainly because of its competitive advantages like lower transaction fees and high stability.

This may have even been a core reason for the memecoin frenzy from the previous year, where popular memecoins like BONK and WIF came into view, and ranked within the top 100 cryptos by market cap.

Franklin Templeton also expects Solana’s performance and network advantages to boost its adoption for further crypto trends like payments, DePIN and NFTs.

And when it comes to the Solana network’s issues with scalability, the Firedancer mainnet is set to launch a few months from now, enhancing Solana's speed, and reliability, and even bumping up the network's TPS speeds to more than 1 million transactions every second.

<div class="paragraphs"><p>Solana’s rankings</p></div>

Solana’s rankings

Overall, considering how the current third-ranked cryptocurrency has a market cap of $111 billion, Franklin Templeton expects Solana (with a circulating supply of 448 million $SOL to hit $247 per token, without even factoring the incoming price rally from the 2024/2025 bull run.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Related Stories

No stories found.
Voice Of Crypto