Banking giant Standard Chartered predicts that solana could see a massive 400% growth if Donald Trump wins the 2024 US presidential election. The bank's head of digital assets believes that solana's faster transaction speeds and ability to support decentralized applications position the coin well in a crypto-friendly environment.
Standard Chartered Predicts Solana Will Rise Sharply If Trump Wins 2024 Election
Banking giant Standard Chartered has predicted that the price of Solana (SOL) could spike if Donald Trump wins the 2024 U.S. presidential election. Geoffrey Kendrick, the bank’s head of digital assets, expressed optimism about Solana in a research note this week, predicting that the cryptocurrency could surge 400%.
In an email to CNBC, Kendrick shared his predictions for 2025 under the Trump administration, projecting Solana to increase by 400%, Ethereum to increase by 300%, and Bitcoin to increase by 200%. This would translate to SOL reaching over $700, ETH surpassing $9,650, and BTC peaking at $185,000 by the end of the year.
He pointed out that Solana's fast transaction speeds and decentralized application capabilities make it a strong candidate in a pro-crypto environment. Kendrick also mentioned that a Solana exchange-traded fund (ETF) would be more likely to succeed under Trump than under Kamala Harris. He described:
Overall, we believe that a Trump administration would be more supportive of the broader digital asset ecosystem than a Harris administration.
Conversely, Kendrick predicts that a Harris presidency would result in bitcoin outperforming both ether and solana by 2025. He predicts ether could reach around $7,000 under Harris, compared to over $9,650 if Trump is elected. Kendrick commented that “Similar arguments can be made for the relative prospects of ETH versus BTC under a Trump versus Harris outcome in the United States.”
He also emphasized that solana's current valuation seems high compared to ether, which would require a significant increase in throughput. Kendrick wrote:
This high valuation requires Solana production to increase 100-400x (over the next few years), which seems more reasonable under Trump than Harris.