Cryptocurrency analytics platform Santiment has reported that Solana (SOL) is experiencing a significant surge in positive sentiment, hitting a 9-month high.
The report highlights that there are now 5.6 bullish posts for every bearish post across major platforms such as X (Twitter), Reddit, Telegram, 4Chan, and BitcoinTalk. This optimism follows earlier reports of a similar trend, as Solana stands out among other cryptocurrencies with rising interest and speculation.
Solana Trading Strong Amid Bullish Price Actions
Solana is currently trading at $151.30, up more than 3% in the last 24 hours, and has gained 1.65% over the past week. Its global market cap now stands at $71.06 billion, and its 24-hour trading volume has surged by 63.57%, signalling growing activity and investor confidence.
Unverified reports that Apple would build on the Solana blockchain are stoking enthusiasm for the project and have helped the recent upsurge in sentiment. Even while these allegations are still theoretical, they have helped put Solana in the public eye by sparking a wave of positivity and conversation among the cryptocurrency community.
The asset is a major participant in the larger cryptocurrency scene because of its capacity to provide quick transaction speeds and facilitate decentralized apps.
Standard Chartered’s Bold Prediction for Solana
The excitement was heightened by a recent prediction by Standard Chartered, which said that Solana may make significant gains if former US President Donald Trump wins the 2024 election. Geoffrey Kendrick, the bank’s head of digital assets, said in a research report that Solana could see a 400% gain, with the price perhaps hitting $700 by 2025 under a pro-crypto government.
The future growth of Solana will be fueled in part by its increasing capacity for decentralized applications and its efficiency, according to Kendrick. Additionally, he noted that the likelihood of a Solana exchange-traded fund (ETF) under a Trump government would increase investor interest in it.
Kendrick also offered positive predictions for Ethereum (ETH) and Bitcoin (BTC), estimating that ETH will increase by 300% and BTC by 200%, respectively, in addition to this optimistic estimate.
Market Outlook for Solana
The combination of increased market optimism, speculative rumours about major tech collaborations, and bullish institutional forecasts have put Solana on a promising trajectory.Â
Analysts and investors alike are keeping a careful eye on these developments to determine whether the platform can maintain its expanding usage and technological advantages, as well as whether the favourable feeling will last.
The capacity of Solana to sustain its momentum as market players anticipate future political and regulatory changes will probably depend on a combination of external events, such as the results of the US elections, and ongoing developments in its blockchain technology. As things are right now, Solana is still one of the leading competitors in the DeFi market.