Cantor initiated coverage of the three largest solana SOL treasury companies DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (HODL) with an overweight rating, the Wall Street firm said in a research report Monday.
The broker has a $45 price target for DeFi Development, a C$54 objective for Sol Strategies, and a $16 price target for Upexi.
“We believe SOL treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana,” analysts led by Thomas Shinske wrote.
Solana’s biggest competitor is the Ethereum blockchain, Cantor noted, but its technology is meaningfully better than its larger peer on every metric.
📖 Related Reading
- 📰 Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
- 📰 Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
“Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue,” the authors wrote.
Therefore, using solana as a treasury asset makes more sense than using ether ETH, the report said.
The report added that companies that have adopted solana as a treasury asset believe that the crypto can overtake ether, which currently has a market cap 2.5 times larger than SOL.
** Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit**
🔗 You Might Also Be Interested In
Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
The End of Bitcoin Maximalism
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!