Solana Soars 17% as Trump’s Lead Boosts Hope for SOL ETF Approval And $1,000 Target
- Solana surged by 17% in 24 hours amid anticipation of a potential SOL ETF approval and potential listings from 21Shares and VanEck.
- Market optimism followed expectations of a more crypto-friendly regulatory approach under a possible Trump administration.
- Solana’s market cap surged past $85 billion, becoming the fourth-largest cryptocurrency by market cap. Predictions suggest SOL is likely to flip Ethereum in market cap.
Solana’s SOL token experienced a 17% price surge in 24 hours, driven by positive market sentiment.
This optimism followed Donald Trump’s lead over Kamala Harris in the U.S. election, increasing the odds of SOL ETF approval. Traders anticipate that a new Trump administration could ease regulations, boosting the crypto market.
Syncracy Capital co-founder Daniel Cheung highlighted the potential upside for the industry. He stated that a Republican win might lead to higher gains than previously anticipated.
“SOL ETF likely happens in the first quarter of 2025, positioning SOL to flip ETH and potentially trade at $1,000,” he posted on X.
This statement captured traders’ excitement about a possible ETF and regulatory changes.
Cboe’s 19b-4 filings in early July marked the beginning of ETF expectations for Solana. The filings requested SEC approval for VanEck’s and 21Shares’ potential spot Solana ETFs. Initial filings came in late June, stirring market interest.
Analysts believe a Trump-led administration could prevent classifying tokens like SOL as securities. Rennick Palley, founding partner at Stratos, supported this view in a statement made to CoinDesk in July.
Market participants see these potential developments as a significant boost for Solana. Positive regulatory changes could unlock more capital inflow.
Such expectations have fueled a surge in SOL trading volume. Over the past 24 hours, Solana’s trading volume crossed $8.8 billion, up from $3.2 billion in the prior period, according to Coingecko.
Solana Market Position and Competitors’ Performance
Solana’s price surge pushed its market capitalization to over $85 billion. This milestone allowed SOL to surpass BNB Chain’s BNB, securing its spot as the fourth-largest cryptocurrency.
The broader market also reflected positive momentum. Bitcoin (BTC) saw an 8.4% rise, while Ethereum (ETH) gained 6%. The CoinDesk 20 index, which tracks the largest assets by market cap, rose by 7%.
Market experts link these gains to Trump’s increasing electoral advantage. Trump led most key states, amassing 240 electoral seats out of 270 needed to win. His win is expected to foster a pro-business and crypto-friendly climate, a stark shift from current policies.
A Trump administration could reshape the regulatory landscape for crypto. Traders are now evaluating how this potential shift could affect various tokens.
The possibility of an ETF approval could attract institutional investors, further boosting SOL’s price. Analysts suggest that SOL reaching $1,000 is plausible under favorable conditions.
The anticipation of regulatory leniency has fueled bullish sentiment for crypto projects. Market analysts expect more clarity and support for entrepreneurs under Trump. If expectations align, the crypto market could witness broader growth and increased adoption.
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