As the countdown begins for the US 2024 General Election, the crypto market has been bombarded with expert predictions on how the event will unfold after the long-awaited election. Predictions led by the Standard Chartered Group show an imminent Solana bull rally under Trump’s leadership.
Even though it’s still unclear if the forecast will materialize, the banks support that Trump’s ascension to power will favor Solana and other coins. The bank projects that Solana will surge exponentially if Trump ascends to power in November.
Analysts Predict Solana Breakout Rally Under Trump Leadership
Citing on-chain data, the Standard Chartered team noted that Solana was poised to rally in Q4. According to CoinMarketCap, Solana has been up by 0.95% to trade at $141.57 in the last 24 hours. The unexpected surge ignited a wave of optimism, reflected in Solana’s market capitalization hitting $66 billion, a 1.12% increase. The impressive gains were accompanied by positive market sentiments from the Standard Chartered team, outlining the suitability of the fifth-largest crypto by daily trading volume.
The bank noted that the Solana network offers fast, convenient, and reliable transactions. This network offers a friendly environment for decentralized apps and protocol building on Solana. In the subsequent report, the Standard Chartered head of digital assets, Geoffrey Kendrick, explained Solana’s resilience, fueled by the bullish investor sentiment. The executive envisages Solana will capitalize on the bullish momentum to increase by 400%, overtaking other coins, such as Ethereum and Bitcoin.
How the US Election Impacts the Crypto Market
However, if Trump retakes the White House, the Standard Chartered team projects Solana, Ethereum, and Bitcoin to surge by 400%,300%, and 200%, respectively. This implies that Solana, Ethereum, and Bitcoin will break the current resistance level to trade above $700, $9650, and $185,000 by year-end. From his analysis, Kendrick projected that shifting to pro-crypto leadership would favour the most tokens. He believes that in the incoming government, which is more likely to be under Trump’s leadership, the regulators might have greenlighted Solana exchange-traded funds (ETFs).
Citing political observers’ analysis, Kendrick noted that Trump’s leadership might favour the broader crypto market compared to the Democrat presidential aspirant Kamala Harris. Kendrick projected that if Kamala fails to unseat Trump, Bitcoin will witness an explosive surge, outperforming Ether and Solana.
He anticipates Ether to hover below $7000 under Kamala’s leadership, and altcoin will follow suit. Comparing the two presidential candidates, the Standard Chartered team noted that Trump’s election might favour the broader crypto market despite its volatile nature.
He argued that Solana has a promising future under Trump compared to Ether, which requires an increase in throughput to increase its current value. He noted that it was possible to increase Solana throughput by 100 to 400 times under Trump’s leadership.
Crypto Investors’ Projects to Reap Big If Trump is Reelected
Kendrick’s prediction came when Trump’s winning odds on the prediction market had steadily increased. According to Polymarket, Trump’s winning chances reached 55.8%, while Kamala Harris stands at 43.8%.
Source:Polymarket
The Polymarket figures mirror data from Kalshi, where Trump’s winning odds hit 52% against 48%. On PredictIt, Trump leads by 53% against 52%. This implies that the Americans believe that the former US president will be the suitable candidate to succeed Joe Biden.
If data from the prediction market materializes, Trump is expected to be declared the 47th US president, a big win for the crypto sector. For more information on how the US election impacts crypto, follow The Bitjournal on X, Telegram, and LinkedIn.
