The Bank of America (BOA) has hailed Ethereum rival Solana as a Visa equivalent in the crypto industry.

Analysts at BOA stated that the high threshold scalability and low transaction fees Solana features have bounced it up the crypto relevance chain and are now the new Visa of crypto.

Solana’s Scalability Relevance

Since its inception, the Solana network protocol has overseen over 50 billion transactions. The protocol’s proprietary Blockchain network is tailored to combat low scalability and high transaction fees.

The Solana Blockchain network currently fields the highest tolerance threshold for scalability in the crypto industry. Its congestion-free network space has resulted in an equivalently low transaction fee and a simpler front and back end-user interface.

Solana is currently fielding increasing relevance Industry-wide as the number of addresses and smart contracts utilizing the protocol and derivatives have been on the rise since early last year. Its utility achieved all-time highs in December last year, and momentum is building up.

Ethereum Blockchain network scalability threshold is nowhere near the tolerance Solana’s scalability threshold is fielding in the industry. Continuing into 2022, Solana might split up Ether’s market share and compete with the latter as marginally equal rivals.

Solana Momentum Growth Can Split Ethereum’s Market Share

Bank Of America’s grounded opinion of Solana’s diffusion in the crypto industry that saw Solana as a Visa equivalent in the crypto space is a significant fuel for the network’s relevance in the industry.

Solana’s streamlined focus on scalability and user-friendly interfaces, though with its disadvantages, has provided an alternative to Ethereum’s long-standing scalability troubles.

In a bid to combat its scalability problems, the Ethereum team plans to roll out the ETH2, which is expected to boost the primary network’s scalability by a significant margin.

Analysts, however, have argued that the Solana protocol is faster, more efficient, and more effective, with its relevance and utility seeing record highs in recent times. 

The Solana protocol sings true to its appellation as the Ethereum killer with its advantages to developers and users. This scalability and Solana’s related advantages already trumps Ether’s offer and its future upgrade. This has increased the network’s credibility and boosted utility and relevance globally in the crypto Industry.

Visa in traditional finance can settle up to 1,700 transactions per second (TPS); meanwhile, the Solana network could theoretically handle up to 65,000 TPS.

Community Analysts And Traders React

An analyst from BOA, Alkesh Shah, stated that the excessive priority that Solana protocol affords scalability has resulted in an imbalanced framework citing the incomplete decentralization and non-optimal security of the network as possible reasons for such set-up. According to Shah, Solana’s prior network performance problems in the early stages of its deployment were evidence of the imbalance ecosystem.

The @TraderKoz Twitter account of the famous crypto analyst and trader revealed their evaluation for Solana’s crypto token $SOL price trend. @TraderKoz has predicted a possible rally in the token’s price movement with a target of $169.96 for a possible bullish run-up mark.

@AltcoinSherpa, another famous Twitter analyst though pseudo-anonymous, has revealed a forecast to see the Solana price breach the $170 mark leveraging its present consolidating region as support. According to his tweet, he based his predictions on $SOL price action around its 200-day exponential moving average (EMA) and the last long-term consolidation period in September last year.

Other analysts generally have an optimistic overview for the altcoin’s price action, with a majority pegging it for a minimum 17% price upswing with a possible minor retracement before the full price run-up.