Solana’s SOL token jumped 17% over the past 24 hours, fueled by renewed investor optimism about potential crypto-friendly policies under a possible Trump administration, which could ease the path for U.S.-based cryptocurrency ETFs.
The price spike saw SOL reach $185 early Wednesday, flipping BNB Chain’s BNB to become the fourth-largest cryptocurrency by market cap, valued at over $85 billion.
The surge follows Trump’s lead in the U.S. presidential race, with markets betting on regulatory advantages for the crypto industry under Republican leadership.
Daniel Cheung, co-founder of Syncracy Capital, remarked that a “Republican sweep” could drive market upside, with a SOL ETF possibly launching as early as Q1 2025. This move, he suggested, could push SOL’s price beyond $1,000.
The recent activity builds on momentum from earlier in the year when the Cboe submitted filings with the Securities and Exchange Commission (SEC) to list potential Solana ETFs by VanEck and 21Shares. According to Stratos crypto venture fund founder Rennick Palley, Solana remains “poised to be the next token with an ETF,” with traders seeing fewer obstacles under a Trump administration.
Trading volumes for SOL hit $8.8 billion in the last day, marking a dramatic increase from $3.2 billion the day prior. As Trump secured 240 electoral seats, nearing the 270 needed for victory, the market’s outlook on crypto regulations has become increasingly bullish.
A Trump presidency is expected to foster a more favorable environment for crypto growth, with relaxed regulations and a more supportive stance on digital assets, giving entrepreneurs and investors a boost in confidence for the future.
