Solana Projected to Hit $500 by End of Current Bull Run
In an analysis shared on X, crypto analyst Gum (@0xGumshoe) projects that Solana (SOL) could reach $500 by the end of this bull run. This forecast is influenced by the upcoming US presidential election on November 5th and potential policy changes thereafter.
Solana Price Prediction For This Bull Run
@0xGumshoe stated: “SOL TO $500. The upcoming US elections will affect SOL more than any other token.” He analyzed possible outcomes based on whether Kamala Harris or Donald Trump wins the presidency, each presenting different implications for Solana’s future.
If Kamala Harris wins, @0xGumshoe predicts a mixed impact on Solana. He noted that both BTC and SOL have performed well during Biden/Harris's administration, citing the approval of Bitcoin and Ethereum Spot ETFs as a positive influence. Harris’s potentially less aggressive crypto regulation could also foster a supportive environment for Solana's growth.
However, he warned of challenges under a Harris administration, including “less regulatory clarity” and possible complications from SEC Chair Gary Gensler's continuation. He expressed concerns about a potential rejection of a spot Solana ETF and increased Bitcoin dominance overshadowing altcoins.
In contrast, a Trump victory could lead to all-time highs for Solana, according to @0xGumshoe. He suggested that such an outcome would likely result in the introduction of a SOL ETF. Grayscale's reluctance to sell significant amounts of Solana could help maintain its price. Additionally, the establishment of a Bitcoin Strategic Reserve and the departure of SEC Chair Gary Gensler are viewed as positive factors for SOL.
Nonetheless, @0xGumshoe acknowledged potential drawbacks of a Trump win, including the risk of higher inflation affecting the market cycle and Trump's unpredictable nature, which may complicate projections.
Following these analyses, @0xGumshoe raised his selling target for Solana to $500, contingent on a Trump win and increased macro liquidity. He explained that if these conditions are met, he plans to sell gradually until reaching $500.
The $500 price target is based on Solana’s fully diluted valuation (FDV), estimating it would then have a $291B FDV comparable to Ethereum’s current market cap. He views this valuation as a key benchmark, suggesting Solana’s price could approach Ethereum’s unless substantial investments through ETFs are made, propelling it beyond this level.
If Harris wins, @0xGumshoe maintains a price target of $300 for Solana. He concluded with a note of caution, stating that election outcomes alone cannot predict Solana's peaks, indicating that SOL is likely to perform better under Trump than Harris.
At press time, SOL traded at $161.
