KEY POINTS
- A Trump win can send $SOL prices up by 5x, $ETH may quadruple, and $BTC could pump threefold: Kendrick
- While the U.S. SEC reportedly rejected two spot $SOL ETF applications, Brazil already approved two Solana ETFs
- Standard Chartered believes that regardless of who wins the presidency, Bitcoin can soar to $200K by year-end 2025
Multinational bank Standard Chartered is bullish of Solana (SOL) should Donald Trump win the 2024 presidential elections, while it expects a possible Bitcoin rally if Vice President Kamala Harris clinches the victory next month.
Trump has repeatedly pumped Bitcoin and the broader cryptocurrency industry in recent months, with many crypto users considering him a "pro-crypto" candidate. Several industry experts and analysts have already projected positive movement in the crypto market if he wins the election.
For Standard Chartered, a Trump victory will have a significant impact on SOL, the native token of the Solana blockchain, which has become a popular chain for various crypto projects and memecoins.
$SOL to Skyrocket Fivefold Under Trump Government?
Crypto prices react to various factors, including the rise and fall of global financial markets, geopolitics, and national politics. Based on SOL's current price trends and the possible impact of a Trump victory on the economy, Standard Chartered Global Head of Digital Assets Research Geoff Kendrick expects a Solana pump.
"In rough terms from today's prices under Trump I predict the following multiples by year-end 2025: SOL 5X, ETH (Ethereum) 4X, BTC (Bitcoin) 3X," he said in a Tuesday note.
Kendrick explained that he believes a Trump government will be more supportive of SOL than a Harris administration. He further projected that a Solana exchange-traded fund (ETF) is more likely to be approved under Trump.
Notably, Brazil outpaced the United States in approving a spot SOL ETF. There were also reports in August that the U.S. Securities and Exchange Commission (SEC) rejected Cboe's 19b-4 filings for two spot Solana ETFs. In comparison, Brazil has approved two such funds.
Since launching in 2020 by the Solana Foundation, the Solana blockchain and its SOL token rose in popularity due to the chain's decentralized finance (DeFi) solutions. With very short processing times and a hybrid protocol that significantly reduces validation times, the Solana chain has attracted not just retailers but institutional traders as well.
How Will a Harris Admin Affect Top Crypto Coins?
While Kendrick expects a SOL uptick under a Trump administration, he said Standard Chartered expects a Bitcoin rally if Harris steps into the White House as the new President. Specifically, Kendrick projected that BTC will outperform Ether, and such a development will allow Ethereum to outperform Solana.
"In U.S. dollar terms, we anticipate Ethereum reaching the $7,000 level by the end of 2025 in a scenario where Kamala Harris is president," he said.
He noted, though, that regardless of who wins on Nov. 5, Standard Chartered anticipates BTC prices to reach up to $200,000 by the end of 2025.
Where Do Trump and Harris Stand?
While the Republican presidential candidate has recently included crypto in the industries he has vowed to support, the Democratic presidential nominee has only talked about digital assets and blockchain technology once.
Whereas the Republican Party's 2024 platform puts crypto in pole position among three tech segments GOP candidates promise to move forward – the platform also specifically said Republicans will defend "the right to mine Bitcoin," the Harris-Tim Walz economic plan mentions digital assets once.
As of writing, SOL is trading at around $143, ETH prices are at $2,400, and BTC is trading above $62,400, CoinGecko data shows.
