Solana Expected To Reach $500 By Bull Run’s End, Says Crypto Analyst
04 Novembro 2024 - 5:40AM
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In an analysis shared on X, popular crypto analyst Gum (@0xGumshoe)
is projecting that Solana (SOL) could ascend to $500 by the
conclusion of this bull run. This bullish forecast hinges heavily
on the outcome of the US presidential election, slated for November
5th, and the potential policy changes that could follow. Solana
Price Prediction For This Bull Run @0xGumshoe initiated his
forecast with a bold declaration: “SOL TO $500. The upcoming US
elections will affect SOL more than any other token. Here’s why
I’ve changed my price target.” Delving into the potential
scenarios, @0xGumshoe examined the implications of both possible
election outcomes—whether Kamala Harris secures the presidency or
Donald Trump returns to office. Each scenario presents distinct
pathways for Solana’s trajectory. Related Reading: Solana Likely To
Target $200 ‘If It Holds Current Support’ – What To Expect In the
event of a Kamala Harris victory, @0xGumshoe anticipates a mixed
impact on Solana. He noted, “BTC and SOL have outperformed during
Biden/Harris,” pointing especially to the performance of the past
year under the current administration. The approval of the spot
Bitcoin and Ethereum Exchange-Traded Funds (ETFs) during the
Biden/Harris tenure is highlighted by the analyst as a positive
factor that could continue to benefit Solana. Additionally,
Harris’s supposed commitment to a “less aggressive stance towards
crypto” regulation suggests a more favorable environment for the
growth of Solana. However, @0xGumshoe also cautioned about
potential challenges under a Harris administration. He remarked,
“Less regulatory clarity” and a potential new term for SEC Chair
Gary Gensler could complicate things for Solana. Furthermore, the
possibility of a spot Solana ETF facing rejection and an increase
in Bitcoin dominance might overshadow altcoins. Conversely,
@0xGumshoe presented a more bullish outlook if Donald Trump wins
the election. He asserted, “A Trump win will send Solana to ATHs as
the market realizes a SOL ETF will be coming.” The analyst
emphasized that unlike Bitcoin and Ethereum, Grayscale is unlikely
to offload significant amounts of Solana, which could help sustain
its price. Additionally, the analyst points to the possibility of
establishing a Bitcoin Strategic Reserve and the departure of SEC
Chair Gary Gensler as bullish catalysts for SOL. Related Reading:
Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third
Among Networks However, a Trump victory could also have downsides.
@0xGumshoe acknowledged that “higher inflation could eventually end
the cycle like in 2021.” Furthermore, he noted Trump’s inherent
volatility, stating that the former president “may not do what he
promised,” which introduces an element of unpredictability to the
projections. In light of these scenarios, @0xGumshoe revised his
selling targets for Solana. Previously advocating for a $300 sell
target, he now contemplates a higher threshold of $500, contingent
upon a Trump win and an increase in macro liquidity. He explained,
“If we pair up a Trump win and increase macro liquidity, I will
instead sell over time for as long as I believe we hit $500.” The
rationale behind the $500 price target is anchored in Solana’s
fully diluted valuation (FDV). @0xGumshoe articulated, “At that
price, Solana would have a $291B FDV which would put it at the
current ETH market cap.” He views this valuation as a significant
benchmark, suggesting that Solana’s price could approach Ethereum’s
market capitalization unless there is a substantial influx of
investments through ETFs, which could propel the token beyond this
threshold. Under the Harris administration, @0xGumshoe’s price
target for Solana remains at $300. @0xGumshoe concluded his
analysis by advising caution, stating, “The elections alone are not
enough to predict tops for Solana so take this with a grain of
salt. Whatever happens, it is quite obvious that SOL will go far
higher with Trump than Harris.” At press time, SOL traded at $161.
Featured image from Coinbase, chart from TradingView.com
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