In a compelling recent interview, Standard Chartered’s market analyst Kendrick laid out bold predictions for major cryptocurrencies, particularly spotlighting Solana (SOL). As the cryptocurrency landscape evolves, Kendrick anticipates a remarkable 500% uptick in Solana’s price by the end of 2025. This prediction hinges significantly on the outcome of the upcoming U.S. presidential election, as Kendrick argues that political leadership could drastically influence market dynamics.
The Political Play – Trump vs. Harris
Kendrick posits that if Donald Trump wins the presidency, Solana could rocket from its current price of $142.60 to an astonishing $855.60. His analysis suggests that a Trump administration would create a more favorable environment for the crypto ecosystem, potentially leading to the approval of a Solana spot exchange-traded fund (ETF). This approval would likely stimulate demand for Solana, propelling its price higher.
In contrast, if Democratic nominee Kamala Harris secures victory, Kendrick foresees a less optimistic scenario for Solana. Under a Harris administration, the likelihood of a Solana ETF being approved diminishes, causing the cryptocurrency to lag behind Bitcoin and Ethereum. This sentiment aligns with market analysts like James Seyffart, who echo concerns about Solana’s growth potential should Harris take office.
Solana’s Potential Outshining Ethereum
Kendrick’s predictions aren’t solely based on political conjecture; he cites on-chain metrics that reveal Solana’s greater potential compared to Ethereum. Currently, Solana boasts a market cap-to-fee ratio of 250x, significantly higher than Ethereum’s 121x. This disparity suggests that Solana could achieve more substantial gains if market conditions shift in its favor.
Moreover, Kendrick emphasizes the technological advancements in Solana’s network. With the anticipated incorporation of Firedancer, he predicts Solana’s throughput could surge by 10,000% to 40,000%, vastly increasing transactions per second. This technical enhancement, coupled with favorable regulatory conditions, could solidify Solana’s position as a leader in the cryptocurrency space.
While Solana takes center stage, Kendrick also shared his insights on Bitcoin and Ethereum. He predicts Bitcoin could soar to $200,000 by the end of 2025, regardless of the election outcome. Meanwhile, Kendrick expects Ethereum to appreciate by 400%, positioning it around $7,000 if Harris wins.
Interestingly, these predictions align with broader market sentiments. Bernstein researchers assert that Bitcoin could reach $90,000 if Trump wins, while dropping to $30,000 under a Harris presidency. This volatility underscores the impact of political events on market trajectories.
Also Read: Solana Hits 100M Active Addresses, But 86M Hold Zero SOL – Growth Or Bot Inflation?
Eyes on the Election
As the 2024 U.S. presidential election approaches, the cryptocurrency market holds its breath. Kendrick’s predictions highlight the intricate interplay between politics and crypto performance, with Solana potentially poised for an unprecedented surge if the political winds favor a Trump victory. Investors will be watching closely, not just for election results, but for how they could shape the future of cryptocurrencies in a rapidly changing landscape.
With the stakes high, one thing is clear: the cryptocurrency market remains unpredictable, and those with an eye on Solana could witness a thrilling ride in the months to come.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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