Solana’s token, SOL, surged 17% in the past 24 hours, fueled by renewed optimism around crypto-friendly policies under a potential Trump administration. Investors anticipate that a Trump presidency could expedite exchange-traded fund (ETF) approvals for assets like Solana, bringing the token closer to mainstream adoption.
Market Reaction and ETF Speculation
Syncracy Capital co-founder Daniel Cheung highlighted in an X post that markets are “heavily mispricing” the potential for a Republican-led crypto surge. According to Cheung, a SOL ETF could debut as soon as Q1 2025, potentially driving the token to surpass Ethereum and trade as high as $1,000.
Rennick Palley of Stratos echoed this sentiment, noting in July that Solana was “poised” to become the next token with an ETF, with investors expecting leniency from a Trump administration regarding crypto securities classification.
Record-Breaking Performance for SOL
On Wednesday, SOL climbed past $185, with its market cap reaching $85 billion, flipping BNB Chain’s BNB to secure its position as the fourth-largest cryptocurrency behind Bitcoin (BTC), Ether (ETH), and stablecoin USDT. CoinDesk 20 index also saw a 7% boost in the largest crypto tokens by market cap, with BTC and ETH gaining 8.4% and 6%, respectively. Trading volume for SOL spiked to $8.8 billion over the past day, up from $3.2 billion in the previous 24-hour period.
Trump’s Lead Fuels Bullish Sentiment in Crypto Markets
With Trump close to winning the presidency—holding 240 of the 270 needed electoral votes—the prospect of a crypto-friendly administration has invigorated market sentiment. Trump’s policies are expected to ease regulations and create a favorable environment for crypto growth, encouraging long-term industry optimism.
