As the altcoin market matures, traditional finance giants are sharpening their coverage—and not all outlooks are optimistic. In a recent analysis, Standard Chartered issued a striking assessment of Solana (SOL), warning that the popular Layer 1 may be becoming a “one-trick pony” due to its deep reliance on memecoin-driven activity.
Standard Chartered: Solana Faces Narrow Use Case Risks
According to analyst Geoffrey Kendrick, Solana’s blazing-fast speed and low transaction fees made it the perfect breeding ground for memecoins. That edge helped the network outperform competitors in speculative trading, but the bank suggests this advantage might be fading.
In a note shared by Satoshi Club, Kendrick forecasts a potential cooling in Solana’s short-term growth, stating that memecoin hype may have peaked. The real concern, however, is that SOL’s ecosystem hasn’t yet demonstrated a robust transition into more sustainable sectors such as DePIN, DeFi, or Web3 social applications.
“Solana is strong in speed and low fees, which helped it dominate memecoins, but that trend may have peaked,” Kendrick noted.
Price Targets and Market Outlook for SOL
Despite concerns, Standard Chartered remains bullish long term. The firm expects Solana to hit $275 by the end of 2025, and $500 by 2029. This suggests confidence in eventual utility expansion, even if the next 12–18 months bring volatility.
Source: Tradingview
These forecasts come as Solana trades around $174, consolidating after a multi-week rally. On the technical side, the chart shows SOL is forming higher lows since April, a sign of growing buyer support. However, resistance around the $185–190 zone remains firm, and failure to break above could spark a retracement toward $155.
A Broader Trend: Solana vs Ethereum?
Standard Chartered’s report subtly pits Solana against Ethereum, with the bank implying that ETH’s broader developer ecosystem and enterprise adoption give it a longer runway. Their five-year forecast places Ethereum at $7,500 by 2029, compared to Solana’s $500.
This perspective is echoed in market sentiment. While Solana still captures attention for speed and throughput, Ethereum is becoming the go-to for enterprise-grade applications, Layer 2 integrations, and real-world tokenization.
Final Thoughts – Memecoin Strength or Structural Risk?
Standard Chartered’s warning doesn’t mean Solana is doomed. Rather, it’s a call to diversify and evolve. Memecoins have fueled Solana’s momentum, but the next phase will require broader adoption—from developers, dApps, and institutional players.For now, SOL’s community remains strong, and upcoming integrations (like the MetaMask connection) suggest the team is actively expanding its use cases. But in a maturing market, reliance on hype is no longer enough.
