Solana’s Active Addresses Reach 100 Million as Bank Predicts Price Increase

TLDR

• Standard Chartered predicts 5X SOL price increase by 2025 if Trump wins
• SOL monthly active addresses surpass 100 million
• Firedancer validator could boost Solana transactions to 1M TPS
• Jupiter Exchange launches mobile app for easier SOL trading
• Layer3 expands to Solana, bringing 300,000+ active users

Solana, the high-performance blockchain platform, is making waves in the cryptocurrency world with recent predictions and developments.

Standard Chartered Bank, a major financial institution, has released a report suggesting that Solana’s (SOL) price could increase fivefold by the end of 2025 if Donald Trump wins the upcoming U.S. presidential election.

This forecast comes as Solana’s network reaches a significant milestone, surpassing 100 million monthly active addresses for the first time.

Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, shared insights on potential scenarios for Solana, Bitcoin, and Ethereum based on the 2024 U.S. presidential election outcomes.

Kendrick believes that a Trump presidency might maintain a pro-crypto stance, potentially benefiting the Solana ecosystem.

He also mentioned the possibility of a Solana ETF launch, which could drive increased adoption and investment.

Solana Price on CoinGecko

The bank’s bullish outlook on Solana is partly based on technological advancements within the network. Kendrick highlighted the role of Firedancer, a third-party validator client aimed at significantly boosting Solana’s transaction speed.

Firedancer could potentially increase Solana’s transactions per second (TPS) by 100 to 400 times, reaching up to one million TPS.

This improvement is crucial for Solana’s ambition to become the go-to platform for sectors requiring high throughput, such as finance, consumer services, and decentralized physical infrastructure networks (DePIN).

🚨BREAKING BIG: Monthly Active Addresses on @Solana surpass 100 million, a new all-time high. pic.twitter.com/IEymMlnjZy

— SolanaFloor (@SolanaFloor) October 8, 2024

Standard Chartered’s predictions extend beyond Solana. The bank forecasts that Bitcoin could reach $200,000 by the end of 2025, regardless of the U.S. election outcome.

For Ethereum, the bank predicts a price of $7,000 under a Kamala Harris presidency and $10,000 under a Trump administration.

Recent developments within the Solana ecosystem further support the network’s growth potential. Jupiter Exchange, a decentralized exchange aggregator on Solana, has launched a mobile app to simplify the process of acquiring and trading SOL.

The app offers easy on-ramping for new users, allowing them to purchase SOL using various payment methods like Apple Pay, credit cards, and Google Pay.

It also includes an “Auto-Mode” feature that streamlines transactions by managing fees and optimizing trade routes.

In another significant move, Layer3, a blockchain engagement platform with over 300,000 active users on Ethereum Virtual Machine (EVM) chains, has expanded to Solana.

This expansion aims to enhance user experience through improved token migration and partnerships with Solana protocols such as Drift Protocol and Magic Eden.

Despite these positive developments and bullish predictions, Solana’s current price performance has been somewhat subdued.

At the time of reporting, SOL was trading at $143, showing a 2% decline over the past 24 hours. The price had fluctuated between a high of $149 and a low of $141 within the same period.