SOL token just jumped 17% in 24 hours, flipping BNB Chain’s token in the process. This surge comes as Donald Trump’s election performance, reigniting hopes for the approval of crypto ETFs.
What’s fueling the surge?
Traders believe that a Trump administration could make it easier to approve crypto ETFs in the U.S., which would be a game changer for the industry.
Daniel Cheung, co-founder of Syncracy Capital, shared his thoughts on X, stating that markets are still heavily mispricing a Republican sweep, suggesting that the upside for the crypto sector could be much greater than previously thought.
He even speculated that a Solana ETF could be on the horizon for Q1 2025, potentially pushing SOL’s price to $1,000. Sounds good, but also a little unlikely.
Rennick Palley, founding partner at crypto venture fund Stratos, mentioned back in July that SOL was poised to be the next token with an ETF.
Investors are optimistic that under Trump’s administration, tokens like Solana won’t be viewed as securities, which would pave the way for more favorable regulations.
The ETF journey
Earlier this year, Cboe submitted filings to the SEC to list potential spot Solana ETFs from VanEck and 21Shares.
These filings were initially made in late June, and now there’s renewed excitement around them.
On Wednesday morning, SOL surged past $185, boosting its market cap to over $85 billion and securing its position as the fourth-largest cryptocurrency behind Bitcoin, Ethereum, and USDT.
During this time, Bitcoin rose by 8.4%, while Ethereum added 6%. Trading volumes have been pretty impressive too, with over $8.8 billion traded in the last 24 hours—up from just $3.2 billion the day before.
Politics
This surge aligned with Trump’s increasing lead in key states, where he has already secured 240 electoral votes, out of the 270 needed to win the presidency.
Many in the crypto community view a Trump victory as bullish for long-term growth in the industry.
They expect him to ease regulations around cryptocurrencies and create a more favorable business environment for entrepreneurs.
Have you read it yet? Crypto big dogs assemble!
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