VanEck Sets $330 Solana Price Target: Can It Challenge Ethereum?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, Solana has reaffirmed a break above the $150 resistance threshold with a 1.38% rise. This victory comes as VanEck sets a $330 Solana price target, citing its potential to challenge Ethereum’s dominance.
Indeed, Solana appears to have settled into a new bullish trajectory, maintaining a 9.7% markup since Thursday’s Fed-rate-fueled breakout, making it one of the best performers among other notable altcoins.
This positive momentum is also reflected in a 26.72% drop in trading volume, now at $2.075 billion, suggesting that recent volatility is beginning to ease.
In a September 25th report, Matthew Sigel, head of digital assets research at VanEck, highlighted Solana as undervalued, projecting its potential to capture up to 50% of Ethereum’s current market capitalization and a valuation of $330.
This bullish outlook is driven primarily by Solana’s unrecognized superior speed and transaction processing metrics.
The Solana network’s throughput exceeds that of Ethereum by over 3,000%, enabling it to process thousands of transactions per second (TPS). Additionally, Solana boasts over 1,300% more daily active users compared to Ethereum, benefiting from transaction fees that are a staggering 5,000,000% cheaper on its network.
Sigel argues that Solana’s stark advantage in speed and cost efficiency gives it a significant edge over Ethereum for payments and remittances.
He specifically notes the potential for stablecoins to leverage Solana’s superior processing capabilities, potentially passing on substantial cost savings to users.
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