Standard Chartered Predicts A 5X For Solana Price As Active Addresses Surge

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As a seasoned analyst with over two decades of experience in the financial markets, I find the correlation between the US presidential election and Solana’s (SOL) price predictions intriguing, to say the least. While political forecasts are never a sure bet, it’s fascinating to see how the potential administration could impact the crypto market, especially a high-profile figure like Donald Trump.

According to Standard Chartered Bank’s forecast, the price of Solana (SOL) could potentially increase fivefold by the year 2025 if Donald Trump wins the upcoming U.S. presidential election. This projection is based on the expanding user base of Solana, as the network has recently surpassed 100 million active addresses per month for the first time.

Solana Price Boost Linked to Trump Presidency

During a conversation with Geoff Kendrick, the Global Head of Digital Assets Research at a financial institution, potential future price movements for Solana (SOL), Bitcoin, and Ethereum were discussed, particularly in relation to the 2024 US presidential election. According to Kendrick’s predictions, if Donald Trump wins and maintains a supportive stance towards cryptocurrency, SOL’s value could potentially increase fivefold by 2025. In the same scenario, Ethereum might experience a fourfold increase, while Bitcoin might potentially triple in value.

Regarding Solana’s environment, Kendrick believes it might thrive more under a presidential term led by Donald Trump. Additionally, there’s an opportunity for a Solana Exchange-Traded Fund (ETF) to debut, potentially boosting its usage and financial backing.

Additionally, he highlighted the importance of boosting Solana’s transaction speed because it could potentially multiply by a factor of 100 to 400 over the coming years, largely due to the implementation of the Firedancer validator client.

Outcome Under Kamala Harris’s Presidency

If Kamala Harris wins the presidency, Kendrick suggests a possible scenario where Bitcoin might surpass Ethereum in performance, with Ethereum following suit but potentially performing better under a Donald Trump presidency. However, Standard Chartered Bank maintains a positive outlook on Bitcoin and predicts that by the end of 2025, one Bitcoin could reach $200,000, regardless of the election results. The price of Ethereum is expected to reach around $7,000 under Harris’ presidency, while it could potentially hit $10,000 if Donald Trump wins, although Solana might be less impactful due to a more stringent regulatory environment.

Beyond the upcoming election, Solana boasts a robust long-term growth potential thanks to the expansion of its ecosystem and advancements in technology. In a recent assessment, Kendrick emphasized the significance of Firedancer, a third-party validator client, which is dedicated to elevating Solana’s transactions per second (TPS) to an impressive one million.

This matter is significant for Solana as it strives to be the preferred platform in industries with high demand for data processing, such as finance, consumer services, and decentralized physical infrastructure networks (DePIN). Besides Firedancer, other indicators of Solana’s growth have contributed to an increase in the network’s user base.

Jupiter and Layer3 Expansions

As an analyst, I’ve been closely observing the dynamic landscape of the Solana ecosystem, and it’s clear that its growth trajectory is being reinforced by recent advancements. Case in point: the launch of Jupiter Exchange’s mobile application. This innovative decentralized exchange aggregator is making it easier than ever for users to engage with Solana, facilitating both acquisition and trading of SOL.

At the same time, Layer3 – a platform specializing in blockchain engagement – has broadened its reach into the Solana network. This move allows Layer3 to apply its engagement model within this network. With over 300,000 active users on Ethereum Virtual Machine (EVM) chains, Layer3 aims to heighten user experience by facilitating seamless token migration and forging partnerships with Solana-based projects like Drift Protocol and Magic Eden.

Even though these advancements have been made, Solana’s value has faced challenges, as its price fluctuated between a 24-hour high of $149 and a low of $141. Currently, the SOL price is being traded at $143, marking a 2% decrease in the past day.

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2024-10-08 22:54