Standard Chartered Bank Predicts Solana (SOL) Price Surge if Trump Wins 2024 US Election
In a recent analysis, Standard Chartered Bank has forecasted a significant rise in Solana (SOL) value, projecting it could increase fivefold by the end of 2025 if Donald Trump secures the U.S. presidency. This prediction comes as SOL’s user base hits a major milestone, surpassing 100 million active addresses monthly for the first time.
Trump Presidency Could Drive Solana’s Price Higher
In an interview with Geoff Kendrick, the Global Head of Digital Assets Research at Standard Chartered, the bank shared its outlook on how the 2024 U.S. presidential election could impact the prices of major cryptocurrencies like Solana, Bitcoin, and Ethereum. According to Kendrick, SOL’s value could skyrocket, growing five times by 2025, fueled by the expectation that a Trump administration may adopt a pro-crypto stance. Ethereum could potentially increase fourfold, while Bitcoin may see its value triple under a similar scenario.
Kendrick also noted that Solana’s ecosystem would likely thrive under Trump’s leadership. There is even the possibility that a Solana ETF could be launched, driving further adoption and investment into the network. To keep up with this potential growth, Kendrick emphasized that Solana must continue improving its transaction speeds, which could expand by 100 to 400 times in the coming years, largely thanks to the Firedancer validator client.
A Different Scenario Under a Kamala Harris Presidency
Should Kamala Harris win the 2024 election, Kendrick predicts a different outcome for the cryptocurrency market. In this case, Bitcoin would likely outperform Ethereum, which in turn would outperform Solana. Despite this, Standard Chartered remains bullish on Bitcoin, forecasting that it could hit $200,000 by 2025, regardless of the election’s outcome. Ethereum’s price could rise to $7,000 under a Harris presidency, or reach $10,000 under Trump, while Solana’s growth might be hindered by a stricter regulatory environment.
Beyond the election, SOL’s long-term potential remains robust. Kendrick highlighted the importance of Firedancer, a third-party validator client that aims to push Solana’s transactions per second (TPS) to one million. This is crucial as Solana seeks to establish itself as the leading platform for high-throughput applications, particularly in sectors like finance, consumer services, and decentralized physical infrastructure networks (DePIN).
Jupiter and Layer3 Expansion Highlight Ecosystem Growth
Recent developments within the SOL ecosystem further bolster its growth prospects. Jupiter Exchange, a decentralized exchange aggregator, has rolled out the Jupiter Mobile App, making it easier for users to acquire and trade SOL. The app supports various payment methods, including Apple Pay, credit cards, and Google Pay, and features an “Auto-Mode” function that optimizes transactions by managing fees and finding the best trade routes for users.
In addition, Layer3, a blockchain engagement platform, has expanded into the Solana network. With over 300,000 active users on Ethereum Virtual Machine (EVM) chains, Layer3 aims to enhance user experience by improving token migration and forging partnerships with Solana-based protocols like Drift Protocol and Magic Eden.
Despite these positive signs, SOL price has experienced some volatility. At the time of writing, SOL was trading at $143, a 2% decline in the last 24 hours, with its price fluctuating between $141 and $149 during the same period.
Leave a comment