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

Standard Chartered Bank has predicted that Solana’s (SOL) price may soar by five times by the end of 2025 if Donald Trump wins the upcoming US presidential election. This outlook comes as Solana’s user base grows, with the network seeing more than 100 million monthly active addresses for the first time.

Solana Price Boost Linked to Trump Presidency

Speaking to the financial institution’s Global Head of Digital Assets Research Geoff Kendrick, the potential scenarios of the Solana, Bitcoin, and Ethereum depending on the 2024 US presidential election were revealed. According to Kendrick, SOL’s price may rise five times by 2025, given that Donald Trump may maintain a pro-crypto stance during his presidency. Concurrently, Ethereum could see a 4X increase in this scenario, while Bitcoin might rise threefold.

As for the Solana ecosystem, Kendrick thinks it would be better off under a Trump administration. There’s also the possibility that a Solana ETF could be launched to the market which could lead to increased adoption and investment. 

He also emphasized that Solana should increase its transaction speed since it might increase 100 to 400 times in the next few years, thanks to the Firedancer validator client.

Outcome Under Kamala Harris’s Presidency

Kendrick outlined a different scenario if Kamala Harris wins the presidency. In this case, Bitcoin is expected to outperform Ethereum, which would outperform Solana. Nonetheless, Standard Chartered Bank remains bullish on Bitcoin and has projected that one BTC will hit $200,000 by the end of 2025, irrespective of the US election. Ethereum could rise to $7,000 under Harris while it could jump to $ 10,000 under Donald Trump as for Solana it could be less effective due to a strict regulatory framework.

Apart from the election, Solana has a long-term growth potential due to the growth of its ecosystem and technological improvement. During the survey, Kendrick highlighted the role of Firedancer, a third-party validator client that is focused on raising Solana’s TPS to one million. 

Source: X

This is important for Solana because it aims to become the go-to platform in sectors that require a lot of throughput, including finance, consumer services, and decentralized physical infrastructure networks (DePIN). Apart from Firedancer, other signs of Solana’s growth have boosted the prospects increase in the number of users that the network has been able to attract.

Jupiter and Layer3 Expansions

Recent developments within the Solana ecosystem further support the network’s growth trajectory. Jupiter Exchange, a decentralized exchange aggregator, has launched the Jupiter Mobile App, simplifying acquiring and trading Solana. The app offers seamless on-ramping for new users, enabling them to purchase SOL using various payment methods, such as Apple Pay, credit cards, and Google Pay. It also features an “Auto-Mode” function, which streamlines transactions by managing fees and ensuring optimal trade routes for users.

Concurrently, Layer3, a blockchain engagement platform, has expanded into Solana, bringing its engagement model to the network. Layer3, which boasts over 300,000 active users on Ethereum Virtual Machine (EVM) chains, aims to improve user experience through enhanced token migration and partnerships with Solana protocols such as Drift Protocol and Magic Eden.

Despite these developments, Solana’s price has struggled, with the price swaying between a 24-hour high and low of $149 and $141. At press time, SOL price was trading at $143, a 2% decline in the last day.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.