As a seasoned researcher with over two decades of experience in the financial markets, I find @0xGumshoe’s analysis intriguing and well-researched. His perspective, rooted in both technical and fundamental analysis, offers valuable insights into the potential trajectory of Solana (SOL) during this bull run.
According to an analysis posted on X, well-known crypto analyst Gum (@0xGumshoe) predicts that the price of Solana (SOL) might reach $500 by the end of this bull market. This optimistic prediction is largely dependent on the results of the upcoming US presidential election on November 5th and any policy shifts that may occur as a result.
Solana Price Prediction For This Bull Run
0xGumshoo began his prediction by confidently stating: “SOL could reach $500. The upcoming U.S elections will have a greater impact on SOL than any other cryptocurrency. Here’s the reason I’ve adjusted my price projection.” Exploring various possibilities, 0xGumshoo considered the consequences of both potential outcomes – if Kamala Harris becomes president or Donald Trump is re-elected. Each situation offers unique routes for Solana’s growth pattern.
If Kamala Harris wins, it’s expected that @0xGumshoe foresees a blend of effects on Solana. He emphasized, “Bitcoin and Solana (SOL) have shown exceptional performance under the Biden/Harris administration.” Particularly, he referenced the stellar performance seen over the past year, during their term in office. The analyst also underscored the approval of Bitcoin and Ethereum Exchange-Traded Funds (ETFs) as a positive factor under the Biden/Harris leadership, which could continue to boost Solana’s growth potential. Furthermore, Harris’s proposed approach towards crypto regulation that appears less aggressive is seen as creating a more advantageous setting for Solana’s development.
Yet, @0xGumshoe expressed concerns regarding obstacles that may arise under a Harris administration. He pointed out “less regulatory certainty” and a potential change for SEC Chair Gary Gensler as factors that could make life difficult for Solana. Moreover, the prospect of a Solana ETF being turned down and an uptick in Bitcoin’s influence might cast a shadow over other altcoins.
In a contrasting perspective, @0xGumshoo foresees a more optimistic scenario should Donald Trump secure the election victory. He believes that Solana could reach all-time highs under such circumstances, due to the expectation of a Solana Exchange Traded Fund (ETF) becoming available. The analyst underscores that unlike Bitcoin and Ethereum, Grayscale is unlikely to sell substantial amounts of Solana, potentially maintaining its price stability. Furthermore, the analyst highlights the potential creation of a Bitcoin Strategic Reserve and the departure of SEC Chair Gary Gensler as positive factors that could boost Solana’s value (SOL).
Yet, a win for Trump might also bring some drawbacks. @0xGumshoe pointed out that there could be higher inflation similar to 2021, potentially ending the cycle. Moreover, he highlighted Trump’s volatile nature, suggesting that he “may not keep his promises,” introducing an element of uncertainty into predictions.
Given the presented situations, the Twitter user @0xGumshoe has adjusted his sale prices for Solana. Originally recommending a sale price of $300, he is now considering a more elevated level at $500, depending on a Trump victory and an enhancement in overall liquidity. He clarified, “If we see both a Trump win and increased macro liquidity, I plan to sell gradually as long as I think we reach the $500 mark.
The reason for setting the $500 price target is based on Solana’s fully diluted valuation (FDV). As @0xGumshoo explained, “At that price, Solana would have a $291B FDV, which is equivalent to Ethereum’s current market cap.” He considers this valuation as a notable milestone, implying that if Solana’s price doesn’t surge significantly due to additional investments via ETFs, it may reach Ethereum’s market capitalization.
In the context of the Harris administration, @0xGumshoe’s projected price for Solana stays at $300. @0xGumshoe wrapped up his assessment by urging caution: “Elections alone don’t determine the peaks for Solana, so keep this in mind with a bit of skepticism. Regardless of the outcome, it’s clear that SOL will reach greater heights under Trump compared to Harris.
At press time, SOL traded at $161.
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2024-11-04 12:40