How Will the U.S. Election Impact SOL's Trends in the Fourth Quarter?
Solana is one of the best-performing cryptocurrencies this year, starting at around $105 at the beginning of the year and then soaring above $200 in March. Although it has lost some appeal since then, SOL has risen 40% year-to-date and is expected to rise further in the fourth quarter.
If Republican candidate Trump wins the U.S. presidential election in November, SOL could become one of the potentially thriving cryptocurrencies. Solana's performance may surpass Bitcoin and Ethereum by 2025.
Based on this perspective, the report supports the possibility of SOL's price growing fivefold before the end of next year. Bank analysts note that the Trump administration's policies are more favorable, and the regulatory environment is more advantageous, which is one of the main bullish factors.
Impact of Trump's Victory on SOL:
If Trump wins, the Trump administration's policies will be more favorable, and the regulatory environment will also be more advantageous, which may drive SOL to become one of the thriving cryptocurrencies. The Trump administration's policies tend to support technological innovation and the development of the cryptocurrency industry, which may positively affect SOL's price.
Impact of Harris's Victory on SOL:
If Harris wins, the performance of the spot market may lag behind Bitcoin (BTC) and Ethereum (ETH). The Harris administration may adopt stricter regulatory policies on cryptocurrencies, which could negatively impact SOL's price.
Market Reaction:
Although political developments may play a key role in shaping SOL's price trends, on-chain indicators do not necessarily support a bullish view. For example, the number of active wallets on the SOL network has declined over the past three weeks, and daily non-voting transaction volumes are also on a downward trend, indicating that demand from market participants is weakening.
Technical Analysis:
SOL's recent price trends have fluctuated between $120 and $162. If Trump wins, SOL may rise further in the fourth quarter. However, if Harris wins, SOL's price may face pressure.
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