Solana (SOL) seems to be one of the big winners of the recent developments surrounding the crypto industry in the United States. With the appointment of David Sacks as “AI and Crypto Czar” and his well-known support for Solana, the blockchain has new opportunities for growth and institutional recognition. But how far can Solana go, and what does this mean for the price?
Why Solana remains a favorite among investors
One of Sacks’ most notable investments is his early involvement with Solana, a project he entered into early through the crypto investment firm Multicoin Capital. Despite the turbulent market situation in 2023 caused by the FTX crisis, Sacks confirmed that he has retained his position in Solana and that the project is still a big winner.
In a podcast, Sacks said that the investment in Solana was one of the most profitable positions in Multicoin Capital’s fund at the time. “That fund, I mean, it’s a 100x fund, it’s just absurd. And as a result, we are indirect beneficiaries of this huge increase in Solana. It will ultimately generate about a billion dollars in returns,” Sacks said.
Solana has impressed with its ability to support fast and cheap transactions at scale. Sacks praised the platform on the popular All-In Podcast, stating that many “smart money” in Silicon Valley are betting that Solana can surpass Ethereum as the platform of choice. “There are many people who believe in a ‘flipping’ where Solana will eventually replace Ethereum,” he noted.
Price targets and ETF potential
With Solana’s recent breakthrough to new all-time highs above $260, the blockchain appears to be on its way to further price increases. Technical analysts point to possible price targets around $328 and $415, based on Fibonacci extension levels. Additionally, the potential approval of a spot ETF for Solana in the US increases the likelihood of more institutional adoption, especially as US regulations appear to be moving in a pro-crypto direction.
The appointment of David Sacks reinforces these expectations. His involvement with Solana and his role in the incoming Trump administration increase the likelihood that projects like Solana will benefit from greater clarity and support from the government.
Sacks as architect of the new crypto strategy
David Sacks, former COO of PayPal and co-founder of Craft Ventures, was recently named “AI and Crypto Czar” by incoming President Donald Trump. In this role, he will be tasked with developing a legal framework that provides the crypto industry with long-awaited regulatory clarity.
Trump emphasized that this appointment fits into his broader strategy to make the United States the global center for digital innovation. Sacks’ experience as an investor and entrepreneur, combined with his early involvement in projects like Solana, positions him as a key figure in the future direction of the U.S. crypto industry. His appointment gives the sector a new opportunity to flourish in a clearer and more innovation-friendly environment.
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Source: https://newsbit.nl/trumps-crypto-czar-david-sacks-bullish-op-solana-wat-dit-betekent-voor-sol/
