Solana’s SOL token, which has seen a remarkable 900% rebound since the FTX collapse, could surge even further, according to Geoff Kendrick, global head of digital assets research at Standard Chartered Bank.
Kendrick believes SOL could reach $560 by the end of 2025, giving it a total market value of $264 billion. However, this bullish prediction hinges on three key factors:
1. US Election Outcome
A Trump administration, according to Standard Chartered, would be more supportive of the broader digital assets ecosystem, including Solana. This could lead to the approval of a Solana spot ETF, which could drive up demand for the token.
2. Solana’s Technological Advancements
Solana’s ability to handle a higher volume of transactions is crucial for its long-term success. The upcoming launch of Firedancer, a new validator client, could significantly increase Solana’s throughput. If successful, this could justify its current valuation.
3. Increased User Adoption
Solana needs to attract more users to its network to sustain its growth. Partnerships with companies like Visa and the development of consumer-facing applications could help drive adoption.
While Solana’s current valuation is relatively high compared to Ethereum, Kendrick believes that this reflects market expectations for future growth. If Solana can deliver on its potential, it could see a significant price increase.
