Standard Chartered’s Geoffrey Kendrick Predicts Solana Price Increase by 2029 – Coincu

Geoffrey Kendrick, head of crypto research at Standard Chartered, predicts that Solana’s price might hit $500 by 2029. He suggests it may underperform Ethereum in the short term due to reliance on memecoins.

Solana’s potential growth is significant but short-term issues could slow its rise. Ethereum may outperform SOL initially given its mature DeFi ecosystem.

Solana’s Path to $500: Expectations and Roadblocks

Geoffrey Kendrick of Standard Chartered highlights the potential of Solana (SOL), projecting a price rise to $500 by 2029. He anticipates a short-term slowdown due to Solana’s reliance on memecoin transactions, which affects its price consistency and market perception. This underlines the broader concern over transaction sustainability.

Solana may face short-term underperformance compared to Ethereum, given its existing dependency on speculative tokens. The network, however, is positioned to benefit long-term from financial applications and decentralized social media initiatives. Projects leveraging Solana’s technology are expected to mature in the next 2-3 years, enhancing its valuation potential.

Solana could reach $275 by the end of 2025 and possibly $500 by 2029, but expects short-term underperformance compared to Ethereum. – Geoffrey Kendrick, Head of Crypto Research, Standard Chartered

Industry Reaction and Solana’s Market Position

Did you know? Ethereum has historically rebounded from speculative challenges, solidifying its dominance. Solana might follow this trajectory with potential DeFi and infrastructural enhancements in several years.

According to CoinMarketCap, Solana is currently priced at $178.89, with a market cap of $93.10 billion and 2.68% market dominance. Its 24-hour trading volume stands at $3.56 billion, marking a 16.29% change. Recent price changes include a 2.58% increase in 24 hours and a 38.17% rise over 60 days, indicating positive short-term movement amidst speculative activity.

Coincu research team believes Solana could see future regulatory and technological evolutions that support its potential. Historical trends suggest that Ethereum’s strength in overcoming speculative phases may guide Solana toward exploiting blockchain for financial solutions.