- Chief Investment Officer of crypto fund manager Merkle Tree Capital, Ryan McMillin, predicts a rise in Solana’s price.
- McMillin anticipates Solana to reach $400 during the US elections in November due to a wave of election-themed memecoins.
- The rise of these memecoins coincides with former US President Donald Trump’s strongest crypto support to date and current President Joe Biden’s threat to veto a crypto-friendly bill last week.
Chief Investment Officer of Merkle Tree Capital, Ryan McMillin, predicts a rise in Solana’s price due to a wave of election-themed memecoins. The rise of these memecoins coincides with former US President Donald Trump’s strongest crypto support to date and current President Joe Biden’s threat to veto a crypto-friendly bill last week.
Solana’s Price Prediction Amidst US Elections
Ryan McMillin, Chief Investment Officer of crypto fund manager Merkle Tree Capital, predicts a rise in Solana’s price during the US elections in November. This prediction is largely influenced by two Solana-based altcoins, Jeo Boden and Donald Tremp, named after the mixed-up versions of the last two US presidents. These memecoins helped Solana surpass Ethereum in trading volume this Thursday.
Impact of Memecoins on Solana’s Price
McMillin suggests that these memecoins will continue to trade actively in the coming months. Their rise coincides with former US President Donald Trump’s strongest crypto support to date and current President Joe Biden’s threat to veto a crypto-friendly bill last week, making cryptocurrencies a matter of election. According to the analyst, the fluctuations in Solana due to this news are expected to restore investors’ trust in the blockchain, which has been overshadowed by interruptions over the years.
Solana’s Current Trading Price
Currently, Solana is trading around $136, still far from its all-time high of $260 in November 2021. However, according to McMillin, the increased trading volume serves as a real stress test for the Solana network.
Conclusion
As the US Treasury takes steps to strengthen the economy, the analyst suggests that Solana’s price will be supported by more liquidity entering the market. However, this is not investment advice. It is always recommended to do your own research before investing in cryptocurrencies.
