Cryptocurrency Solana is predicted to grow to a record $ 400

Merkle Tree Capital’s chief investment officer suggested that Solana will rise to $ 400 in November 2024, and the catalyst for growth will be a wave of token launches dedicated to the US election campaign.

Ryan McMillin noted that the Jeo Boden (BODEN) and Doland Tremp (TREMP) memecoins helped Solana to surpass Ethereum in terms of trading volume. According to the expert, these tokens will be actively traded in the next few months. Their price growth coincided with the support of cryptocurrencies by former US President Donald Trump and skepticism about virtual coins on the part of the current head of state Joe Biden.

«The price of Solana could rise to $ 400, and it will be supported by more liquidity entering the market as the US Treasury takes steps to strengthen the economy,» McMillin said. He believes that investor confidence in the blockchain has been restored, and although memecoins are speculative instruments, they help to tokenize real assets.

According to the analyst, the increase in transaction volume served as a stress test for the Solana network, and it was successfully passed.

In a recent statement, Trump hinted at supporting bitcoin and cryptocurrencies, which came as a surprise to the digital asset community, as the billionaire is a Republican who has been a fierce critic of virtual currencies. Chatbot ChatGPT believes that Trump’s victory is likely to be favorable for bitcoin, as his administration may seek deregulation, so the crypto community can expect a softer regulatory climate.