Solana Set to Surge if Donald Trump Becomes U.S. President

Solana (SOL) has been one of the best-performing cryptocurrencies this year, starting out at around $105 before soaring to over $200 in March. While it has since lost momentum, SOL is still up 40% year-to-date and is likely to continue growing in Q4.

Azcnews Solana Set To Surge If Donald Trump Becomes U.s. President

A report compiled by analysts at Standard Chartered Bank this week singled out SOL as one of the cryptocurrencies that could see strong growth if Republican candidate Donald Trump wins the US presidential election in November.

The analysis team is led by Geoffrey Kendrick, global head of digital asset research, who believes Solana will outperform both Bitcoin and Ethereum by 2025. The report also predicts that SOL’s price could increase fivefold by the end of next year. The bank’s experts believe that a more favorable regulatory environment, with friendlier policies under the Trump administration, will be a positive driver for SOL’s growth.

Sol Vs Btc Vs Eth
Sol Vs Btc Vs Eth

While the bank predicts that the cryptocurrency will remain stable regardless of the election outcome, the report also notes that SOL will lag behind BTC and ETH in terms of spot market performance if Kamala Harris becomes the US President. The analysts argue that the two leading cryptocurrencies will outperform even in a more restrictive regulatory environment, thanks to their solid infrastructure and widespread institutional adoption.

Fundamental analysis paints a mixed picture

While ongoing political developments may play a key role in shaping SOL’s price trajectory, on-chain metrics do not necessarily support this optimistic view.

According to data from the Solana dashboard on The Block, the Solana network recorded 99.76 million new addresses in September, marking an all-time high. However, data from Solscan Explorer shows that the number of active wallets has been decreasing over the past three weeks, after peaking at 5.047 million on September 10.

Data From The Block’s Solana Dashboard
Data From The Block’s Solana Dashboard

At the same time, the number of new accounts has also been on a downward trend over the past two months. This contrasting trend, which suggests that demand from investors is weakening, raises questions about the sustainability of the recent address surge.

Solscan Explorer
Solscan Explorer

On the other hand, the number of daily transactions excluding voting transactions on the Solana network has also declined since reaching 46.11 million on July 16. Notably, this number has remained below 40 million since August 4. This decline is also reflected in the total number of monthly non-voting transactions, confirming a slowdown in network activity despite a sharp increase in the number of new addresses.

Dune Analytics
Dune Analytics

SOL/USDT Technical Analysis

At the time of writing, Solana (SOL) is trading at $143, having remained in a tight range between $120 and $162 since August 5, when the price had a candle lower than $110. Looking further on TradingView’s SOL/USDT chart, the pair continues to fluctuate within a distinctive flag pattern, which has lasted for the past nine months. This pattern suggests that there could be a significant price movement in the current quarter.

Solusdt Chart
Solusdt Chart
Love

0.0/5

Love

Latest

Ripple Vs Sec Lawsuit May Be Reaching Its Final Chapter

News | Altcoin | Editor Choice | Policy & Regulations

Ripple vs SEC Lawsuit May Be Reaching Its Final Chapter

The lawsuit between Ripple and the SEC is approaching a settlement, as Judge Torres is expected to approve the latest joint motion submitted by both parties.

Trump Coin Faces 40% Crash Risk Ahead Of $500 Million Token Unlock

News | Editor Choice | Memecoin

Trump Coin Faces 40% Crash Risk Ahead of $500 Million Token Unlock

Trump Coin faces the risk of a sharp 40% drop as technical patterns flash bearish signals, with the market bracing for a $500 million token unlock in mid-July.

Sharplink Gaming Shares Plunge 73% Amid Eth Purchase Rumors

News | Altcoin | Editor Choice

Sharplink Gaming Shares Plunge 73% Amid ETH Purchase Rumors

As Sharplink Gaming prepares for a $1 billion Ethereum purchase, its stock unexpectedly plunged 73% due to market misinterpretation of the company’s share registration filing.

Sec Continues To Delay Review Of Dogecoin, Hedera, And Avalanche Etfs

Altcoin | Editor Choice | Policy & Regulations

SEC Continues to Delay Review of Dogecoin, Hedera, and Avalanche ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on a series of spot ETFs for altcoins, a move that has become familiar in recent months.

Receive $70 For New Users On Okx

Airdrops | Editor Choice

Receive $70 for New Users on OKX

Simply deposit 500 USDT into your trading account to receive 70 USDT for new users on the OKX exchange.