13:00 ▪
3
min reading ▪ acc
According to a recent analysis by Standard Chartered Bank, the cryptocurrency Solana (SOL) could see a dramatic 400% increase if Donald Trump wins the presidential election in 2024. This prediction is based on several key factors that could affect the crypto market scenario.
Why Trump’s election could drive Solano to $700?
The election of Donald Trump could create a political environment perceived as favorable to crypto-investment. Trump’s economic policies, often aimed at deregulation and stimulating the economy, could encourage investors to turn to digital assets like Solana. That’s why Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, expressed an optimistic outlook for SOL.
According to him, the price of SOL could reach more than $700 under the Trump administration, an increase of 400%! High transaction speed and support for dApps will make Solana an ideal choice in a cryptocurrency-friendly environment. Additionally, Kendrick also mentioned that a Solana-based exchange-traded fund (ETF) would be more likely under Trump than Kamala Harris.
Long-term view
Solana is already showing signs of growing adoption with a significant increase in monthly active addresses recently surpassing 100 million. This growing adoption, combined with continued technological innovation, could strengthen Solano’s position as the platform of choice for decentralized applications (dApps) and DeFi projects.
In addition, the Solana ETF option could also play a key role in attracting more institutional investment into this cryptocurrency. However, it is important to note that the crypto market is extremely volatile and such predictions still carry significant risks.
In short, Standard Chartered Bank’s analysis suggests that the election of Donald Trump could have a big impact on the crypto market, especially for Solano. However, potential investors should remain cautious and well informed before making investment decisions based on political and economic forecasts.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
Comment