The US election is a game-changer! Can the SOL cryptocurrency "take off"?
SOL is undoubtedly one of the stars of the cryptocurrency market this year. It traded at about $105 at the beginning of the year and soared to more than $200 in March. Although it has since fallen back, SOL has risen 40% this year so far, and the market generally expects that it will still have room for further growth in the fourth quarter.
It is worth noting that the results of the upcoming US election may become a key factor affecting the trend of SOL. If Republican candidate Donald Trump wins the election, SOL is expected to become one of the booming cryptocurrencies. Some analysis reports even predict that Solana's performance is expected to surpass Bitcoin (BTC) and Ethereum (ETH) in 2025 under the friendly policies and favorable regulatory environment of the Trump administration.
However, the report also pointed out that regardless of the election results, the overall trend of cryptocurrencies will remain strong. But if Democratic candidate Kamala Harris wins, SOL's performance in the spot market may lag behind BTC and ETH. Analysts believe that because BTC and ETH have established a sound infrastructure and institutional adoption, they can maintain good performance even in a stricter regulatory environment.
But fundamental analysis does not paint a completely positive picture. While political developments may play an important role in shaping SOL's price trend, on-chain indicators do not fully support the bullish view.
If Trump wins, his policy-friendly and regulatory-friendly environment is expected to drive SOL to become a leader in the cryptocurrency market. The Trump administration has been inclined to support technological innovation and the development of the cryptocurrency industry, which will have a positive impact on SOL's price.
On the contrary, if Harris wins, SOL's performance in the spot market may be suppressed to a certain extent, lagging behind BTC and ETH. Harris's administration may adopt a stricter regulatory policy on cryptocurrencies, which will have a negative impact on SOL's price.
From a technical analysis perspective, SOL is currently trading at $143, and the recent price trend fluctuates between $120 and $162. If Trump wins, SOL is expected to rise further in the fourth quarter; if Harris wins, SOL's price may face greater pressure.
