Standard Chartered initiates solana coverage, predicts $275 price

Today, Standard Chartered initiated coverage of Solana, writing that it “is a fast, cheap alternative to ethereum; as a result, it has dominated memecoin trading.”

That said, Geoff Kendrick, Standard Chartered’s global head of digital assets research, wrote the token may be a “one-trick pony,” as “memecoin activity associated with solana appears to be past its peak. Declining usage and trading ‘cheap’ are not a good mix.”

On the positive side, Kendrick wrote that solana has proven it is able “to handle large transaction volumes, quickly and cheaply,” which works well for meme coin trading.

Solana is the sixth-largest crypto, with a $92.85 billion market cap.

Kendrick wrote that as meme coin trading on solana has passed its peak, he believes solana will continue to underperform ethereum “over the next two to three years, before catching up, at least in real terms.”

Standard Chartered projects solana to reach $275 at the end of 2025 and $500 by the end of 2029, a significant rise from its current price of $177.