Franklin Templeton, Bitcoin ETF Issuer, Predicts Solana (SOL) to Rise as the 3rd Largest Cryptocurrency

• In the aftermath of the November 2022 crypto market crash, Solana (SOL) has emerged as a standout performer, recording a year-to-date price increase of over 560%.
• With a market capitalization of $67 billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.
• Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape.

Solana (SOL) has emerged as a standout performer in the crypto market, recording a year-to-date price increase of over 560%. Asset management giant Franklin Templeton anticipates further expansion for Solana in the emerging bull market.

A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum. The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth. According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem.

The Rise of Meme Coins on Solana

The Crypto Industry’s Next Big Breakthrough?

According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success. Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space.