Geoff Kendrick, the head of digital asset research at Standard Chartered, believes Solana will surge fivefold if Donald Trump wins the November US presidential elections.
In a recent interview, Kendrick predicted the prices of major crypto assets like Bitcoin, Ethereum, and Solana. He particularly emphasized on Solana’s performance, stating factors that could spur a 500% uptick in its price by the end of next year.
Among other factors, Kendrick stated that the US presidential election will largely determine Solana’s price in the coming months. The market analyst gave different price predictions for the fifth-largest crypto asset if Donald Trump or Democrat nominee Kamala Harris wins.
Solana to Surge 500% if Trump Wins
The Standard Chartered executive asserted that Solana would outperform Bitcoin and Ethereum, surging five times by the end of 2025. A rally of this magnitude could push SOL from its current market price of $142.6 to $855.6.
Kendrick based his assertions on a more favorable environment for the Solana ecosystem under the Trump administration. He expects Trump’s apparent pro-crypto stance to facilitate the approval of the Solana spot exchange-traded fund (ETF), driving the asset’s price higher.
Furthermore, the executive stated that on-chain metrics show that Solana has more glaring potential than Ethereum. Kendrick cited that Solana has a higher market cap-to-fee proportion than Ethereum, with the former valued at 250x and the latter at 121x.
Moreover, Kendrick stated that Solana is expected to increase its throughput by 10,000% to 40,000% in the future. He said fully incorporating Firedancer into the Solana network would significantly boost transactions per second and impact its overall throughput.
Notably, Kendrick also forecasted the prices of Bitcoin and Ethereum by 2025 if Trump wins. The market expert asserted that the largest and second-largest crypto assets by market will appreciate 200% and 400%, respectively.
Bitcoin, Ethereum to Outperform Solana if Harris Wins
Conversely, Kendrick stated Solana will underperform compared to Bitcoin and Ethereum if Harris wins. Solana’s underperformance would be due to increased odds that an ETF tied to the asset may not be approved. Notably, Bloomberg’s analyst James Seyffart shares a similar view, as disclosed in an earlier report.
Nevertheless, the Standard Chartered executive expects Bitcoin to thrive, stating it would trade at $200,000 by the end of 2025, regardless of who wins in November. Also, Kendrick asserted that Bitcoin would outperform Ethereum, predicting that the king altcoin would trade at $7,000 if Harris won.
Meanwhile, Kendrick’s price speculation, which depends on the November election, coincides with analysis from other market speculators. For instance, researchers at Bernstein asserted that Bitcoin will surge to $90,000 before the end of the year if Trump wins and fall to $30,000 if Harris wins.
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Source: https://thecryptobasic.com/2024/10/09/standard-chartered-exec-says-solana-will-surge-fivefold-outperform-bitcoin-and-ethereum-if-this-happens/?utm_source=rss&utm_medium=rss&utm_campaign=standard-chartered-exec-says-solana-will-surge-fivefold-outperform-bitcoin-and-ethereum-if-this-happens