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Solana price could surge with potential Trump election win

Solana price could surge with potential Trump election win

GrafaGrafa2024/10/09 04:05
By:Mahathir Bayena

Standard Chartered Bank predicts a significant rise in Solana’s (CRYPTO:SOL) price if Donald Trump wins the 2024 U.S. presidential election. 

Geoff Kendrick, the bank’s Global Head of Digital Assets Research, forecasts that Solana’s price could increase fivefold, potentially reaching $145 by the end of 2025. 

This prediction is linked to Solana’s growing user base, which recently surpassed 100 million monthly active addresses, and Trump’s favorable stance on cryptocurrencies.

Kendrick also anticipates that under Trump, Bitcoin (CRYPTO:BTC) could triple, and Ethereum may quadruple in value. 

However, if Kamala Harris wins the election, Bitcoin is expected to outperform Ethereum (CRYPTO:ETH), and Ethereum would outpace Solana. 

In such a scenario, Kendrick estimates Ethereum could rise to $7,000 under Harris, while it might reach $10,000 under Trump. 

Regulatory challenges may hinder Solana’s growth if Harris is elected.

Recent advancements within the Solana ecosystem support the network’s continued growth. 

Jupiter Exchange recently launched the Jupiter Mobile Application, a decentralised DEX aggregator that enhances trading on the network. 

The app allows users to buy SOL using multiple payment methods and includes an “Auto-Mode” feature for automated transactions.

Layer3, a blockchain platform, is also expanding its presence on Solana, aiming to attract more users and improve the overall experience. 

With over 300,000 active users on Ethereum Virtual Machine (EVM) networks, Layer3 is partnering with Solana to drive further growth.

Additionally, Solana’s Firedancer validator client, designed to boost transaction speeds by 100 to 400 times, positions the network for increased adoption in sectors requiring high transaction volumes, such as finance and decentralised infrastructure.

At the time of writing, the Solana price was $144.59.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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