The post Solana: How U.S. elections could shape SOL’s trajectory in Q4 appeared on BitcoinEthereumNews.com.

U.S. political developments to play a role in defining the crypto market trajectory in Q4 and beyond. SOL and other unproven cryptocurrencies will likely lag ETH and BTC under Harris’s presidency. Solana [SOL] has been among the best-performing cryptocurrencies this year, starting the year trading at around $105 before skyrocketing to over $200 in March. Despite losing some traction since then, SOL is up 40% so far this year and could be set for more gains in Q4. A report compiled by Standard Chartered analysts this week highlighted SOL as one of the cryptocurrencies that could thrive if Republican candidate Donald Trump wins the November U.S. Presidential election. The analysts, led by the global head of digital assets research, Geoffrey Kendrick, opined that Solana will outperform both Bitcoin and Ethereum in 2025. Source: TradingView In line with this view, the report backed a potential five-fold growth for SOL price by the end of next year. The bank analysts pointed to a more favorable regulatory environment entailing friendlier policies under a Trump administration among the key bullish drivers. Though the bank expects cryptocurrencies to remain resilient regardless of the election outcome, the report noted that SOL will trail BTC and ETH in spot market performance under Kamala Harris as U.S. President. The analysts argued that the two leading cryptocurrencies will fare better even in a stricter regulatory landscape owing to their established infrastructure and institutional adoption. Fundamental analysis paints a mixed picture While ongoing political developments could play a pivotal role in shaping the SOL price trajectory, on-chain metrics don’t necessarily support the bullish view. Data from The Block’s Solana dashboard shows the Solana network recorded a staggering 99.76 million new monthly addresses in September, marking a record high. Source: Hellomoon However, according to data from Solscan Explorer, the network has seen…

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Filed under: News - @ October 10, 2024 8:25 am