Standard Chartered has projected a significant surge in the value of Solana (SOL) if Donald Trump wins the U.S. presidency in the upcoming 2024 elections. According to Geoffrey Kendrick, an analyst at Standard Chartered, Solana’s price could rise fivefold by the end of 2025.
Solana Price Surge Depends on Trump’s Win
Kendrick’s bullish outlook on Solana stems from his belief that Trump would support the Solana ecosystem more than Kamala Harris, another presidential candidate. He argues that Trump’s leadership would create a more favorable environment for Solana-focused exchange-traded funds (ETFs), increasing Solana’s adoption and investment inflows.
Beyond Solana, Kendrick also forecasts strong growth for other major cryptocurrencies if Trump returns to power. According to his analysis, Ethereum (ETH) could see its price rise fourfold, while Bitcoin (BTC) could triple in value by the end of 2025. In contrast, Kendrick’s projections for the cryptocurrency market are less favorable in the event of a Kamala Harris presidency.
While he still expects substantial gains for Bitcoin, Ethereum, and Solana, the performance hierarchy would shift. In this scenario, Kendrick believes Bitcoin would outperform Ethereum and Ether would surpass Solana regarding price appreciation. He views a Harris administration as less likely to support initiatives such as the launch of Solana ETFs.
Kendrick’s predictions suggest that the U.S. political landscape could significantly impact the cryptocurrency market.
Crypto Becomes a Hot Election Topic
As the 2024 presidential race heats up, cryptocurrency has become a pivotal issue. Throughout his campaign, Trump has been vocal in his support for crypto, non-fungible tokens (NFTs), and decentralized finance (DeFi). In contrast, Kamala Harris only recently addressed the subject, stating she intends to promote growth in the digital asset space.
However, Matt Hougan, Chief Investment Officer at Bitwise, warned that Harris brings “more uncertainty for crypto” despite her late entry into the discussion. The U.S. presidential election is set for November 5, 2024, with the cryptocurrency world keeping a close eye on which candidate will shape the future of digital finance in America.
Standard Chartered Analyst Predict Bitcoin Price
Similarly, according to a recent analysis by Geoffrey, geopolitical uncertainties are adding volatility to the cryptocurrency market, with Bitcoin facing the possibility of a sharp decline below the $60,000 mark. As such, Geoffrey believes these risks could present buying opportunities for investors who remain bullish on BTC in the long term.
He observed a significant increase in call option positions for Bitcoin, specifically for the $80,000 strike price expiring on December 27, 2024. The rise in open interest for these call options suggests that many traders remain optimistic about Bitcoin’s price recovery. The current price of Bitcoin is hovering around the $62,388.07 mark. Yet, the bank anticipates Bitcoin could exceed this goal if spot Bitcoin ETF inflows meet their estimated midpoint of $75 billion.
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