Global investment giant Franklin Templeton predicts that Solana’s SOL will soon be poised to establish itself as a top-three crypto asset.new analysisThe company's digital assets division suggests that SOL is on its way to becoming the “third major crypto asset” after Bitcoin (BTC) and Ethereum (ETH), thanks to the growth of the SOLANA network.
According to Templeton analysts, Solana Network has seen significant increases in total fees and decentralized exchange (DEX) trading volume over the past year. At the time of writing, SOL is trading at $151, up 11% over the past week. Franklin Templeton's analysis predicts the immediate future of Solana SOL:
“We expect this growth to continue as Solana’s network effects further strengthen, its network performance further improves, and it positions itself to capture the next trends in cryptocurrencies. It has been proven to have the lowest fees, lowest transaction latency, and highest data throughput. This is where Solana really shines.”
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Will Solana SOL join the Big 3 cryptocurrencies in 2024?
Furthermore, Franklin Templeton believes that Solana SOL can serve as a focal point for adoption in several areas of the cryptocurrency space. These include decentralized physical infrastructure (DePIN), payments, compressed non-fungible tokens (NFTs), and centralized limit order books (CLOBs). The company is also bullish that SOL will soar in the coming months if the network continues to grow and the hype around Solana's meme coin continues to shine as well.
“Additionally, the Solana ecosystem is expected to see more airdrops in the coming months, which should continue to create a wealth effect in the ecosystem,” the company's analysis said. “And memecoin activity on the network shows no signs of slowing down.”
Despite dropping around 14% in April, Solana remains the fifth largest crypto asset in the world in terms of market capitalization. The trading volume for the day also increased by 10.32%.
