2022 will be the year of Solana, according to Nigel Green, CEO of deVere, who claims Solana (SOL) will outperform the flagship cryptocurrency Bitcoin in 2022 with the leading altcoin Ethereum
Green's bullish forecast for Solana comes amid another sharp downtrend for major cryptocurrencies on Friday. Bitcoin, Ethereum and Solana fell 5.7%, 6.8% and 8.9% respectively in the previous 24-hour period. Green uses the following statements on the subject:
“Weekend trading was impacted by the negative sentiment of high-growth stocks, which continued to impact Bitcoin, the world's largest cryptocurrency by market cap. This in turn weighed on the broader crypto market. Despite the current volatility, the market remains consistently volatile. crypto investors have had a generally positive year. In a one-year period, Bitcoin is up 46%, Ethereum is 376% and Solana is about 13,000%. Both individual and institutional savvy investors know that crypto is the future of money. In times of volatility with lower entry points to fill portfolios They generally continue to feed money into the digital asset market.”
Green states that he is confident that the key point to watch in 2022 is Solana, which is currently the fifth largest cryptocurrency by market cap. The altcoin started the year trading at $2, now trading at around $200 on the deVere Crypto app.
Nigel Green thinks Solana will likely outperform both Bitcoin and Ethereum next year. Greene explains this claim with Solana's superior technology and cost effectiveness. The deVere CEO also makes the following claims regarding the altcoin project:
“While its main competitor Ethereum is 15 per second, Solana is a Blockchain platform with superior high transaction speeds, processing over 2,500 transactions per second. Also at a lower cost and without sacrificing decentralization. Like Ethereum, based on predefined agreements in Blockchain technology "It supports smart contracts, which are algorithms designed to run automatically. This revolutionary technology will ultimately change the way nearly all business and financial services are delivered in the future. That's why an increasing number of decentralized finance (DeFi) applications are moving to Solana."
According to the famous CEO, many DeFi projects are also affected by the fact that SOL has very cheap fees compared to Ethereum, which has exploded in recent months. In addition to these, in September, the Solana network went down for about 17 hours. At that time, the altcoin announced on Twitter that a huge jump of the transaction load, up to 400,000 per second, choked the network. Nigel Green, on the other hand, attributes this collapse to the fact that SOL is still a fairly new network and states that this is only a temporary glitch. Finally, Green makes the following statements about Solana:
“Unknown investors are watching this with interest. If the current momentum continues, there is no reason why it should not outperform Bitcoin and Ethereum again next year. With momentum driven by a burgeoning DeFi space as retail investors seek alternative financing opportunities and institutional investors continue to pile up. 2022 will be Solana's debut year."