With Donald Trump’s victory, expectations for VanEck and 21Shares’ Solana ETF have increased. With the influence of the market atmosphere and this expectation, the altcoin price saw a strong increase in the top 10. This optimism is fueled by expectations of a more crypto-friendly regulatory environment under a potential Trump administration. Some analysts even predict that SOL could potentially reverse ETH in market cap and reach $1,000. As a first step, Solana managed to get ahead of BNB in the altcoin league
Will Trump’s victory open the door for SOL ETF?
cryptokoin.comAs you follow from , Donald Trump’s wind is blowing in the market. Trump managed to return to the White House for a second term. With the influence of recent positive statements regarding cryptocurrencies, expectations for pro-crypto policies are increasing. This has raised hopes that his win for the US presidency could soon lead to the approval of a Solana exchange-traded fund (ETF). Daniel Cheung, co-founder of Syncracy Capital, believes the market may be underestimating a potential “Republican sweep.” In this regard, he claims that this will increase the value of SOL “much higher than previously estimated”. In his detailed statement, Cheung says the following about the altcoin:
The SOL ETF will likely launch in Q1 2025, putting SOL in a position to convert ETH and even trade at $1,000.
Cheung’s sentiments are supported by other analysts, including Stratos’ Rennick Palley, who previously suggested Solana could be in line for an ETF approval.
SOL surpassed BNB in the altcoin league!
With the latest increase, Solana’s market value exceeded $87 billion. Thus, it became the fourth largest crypto, surpassing Binance Coin (BNB), which was previously ahead of it. SOL now sits just behind Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT). This growth has attracted a lot of attention, especially with increasing demand for Solana among investors. In contrast, BTC and leading altcoin ETH also recorded impressive increases of 8.4% and 6%, respectively.
TVL is increasing in Solana
Latest data from DeFi Llama shows that Solana’s total value locked (TVL) exceeds $6.56 billion. It also highlights the significant growth in DeFi activity over the past two months. Additionally, Solana noted a huge increase in activity on the popular decentralized exchange Raydium. Thanks to this, it recently surpassed Ethereum in daily network fees. In just 24 hours, Raydium generated over $3 million in fees for Solana. Additionally, he collected $2.42 million of that from trades alone. As of now, altcoin SOL is trading at $186.68 with a market cap of approximately $87.9 billion. This makes it the fourth largest cryptocurrency.
