News View Non-AMP

Solana Becomes 4th-Largest Crypto With 17% Jump – SOL ETF to Launch Soon?

Published by
Mustafa Mulla

Solana’s native cryptocurrency, SOL, has jumped 17% in the last 24 hours, reaching a market value of $87.3 billion. This growth has allowed Solana to surpass Binance Coin (BNB) and become the fourth-largest cryptocurrency, now trailing only Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT).

The price surge follows President Donald Trump’s recent election victory, which has raised hopes that a Solana exchange-traded fund (ETF) approval could be on the horizon.

Pro-Crypto Policies Incoming?

As Trump edges closer to returning to the White House for a second term, expectations for pro-crypto policies are rising, fueled by his recent positive remarks on cryptocurrency. This has sparked hope that his U.S. presidential win could soon lead to the approval of a Solana exchange-traded fund (ETF).

Daniel Cheung, co-founder of Syncracy Capital, believes the market might be underestimating the potential impact of a “Republican sweep.” He suggests that this could push SOL’s value higher than expected. Cheung predicts that a SOL ETF could be approved by early 2025, possibly pushing the token to $1,000.

Analysts Bullish on Solana’s ETF Approval

Cheung’s optimistic outlook is shared by other analysts, including Rennick Palley of Stratos, who has previously mentioned that Solana could be next in line for an ETF approval. With increasing investor demand and Solana’s continued growth, the chance of an ETF looks promising.

Solana Overtakes BNB

Solana’s recent surge has pushed its market capitalization above $87 billion, making it the fourth-largest cryptocurrency. In comparison, Bitcoin and Ethereum also saw significant price gains—8.4% and 6%, respectively—but Solana’s 17% rise stands out.

Solana is also seeing impressive growth in its decentralized finance (DeFi) sector. Recent data from DeFi Llama shows that Solana’s total value locked (TVL) has surpassed $6.56 billion, highlighting strong DeFi activity over the past two months.

TVL on Solana Surges

Recent data from DeFi Llama shows that Solana’s total value locked (TVL) has jumped past $6.56 billion, highlighting significant growth in its DeFi activity over the past two months.

In addition to this, Solana recently outperformed Ethereum in daily network fees, thanks to a big boost in activity on its popular decentralized exchange, Raydium. Within just 24 hours, Raydium generated over $3 million in fees for Solana, with $2.42 million collected solely from swaps.

As of now, SOL trades at $185.03, with a market cap of about $87.18 billion, making it the fourth-largest cryptocurrency. 

Solana’s latest surge marks just the beginning of what could be an exciting chapter for the blockchain, with its DeFi growth and potential ETF approval adding fuel to the fire.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

U.S. SEC. Delays Decision on Bitwise Dogecoin ETF Until June 15

Wall Street analysts project that the U.S. SEC will approve a bunch of spot crypto…

April 30, 2025

Ethereum Eyes $2000 Breakout Amid Surging On-Chain Metrics: Is a Bigger Rally Ahead?

Ethereum's price has been going up due to the rising buying pressure following overall market…

April 30, 2025

Avalanche Poised for a 250% Upswing—Here’s the AVAX Price Prediction for 2025

Ever since the crypto markets have shown some stability, altcoins like Avalanche have refrained from…

April 29, 2025

U.S. SEC Delays Decision-Making on Franklin Templeton’s Spot XRP ETF: What Next?

The U.S. SEC recently approved XRP futures ETF, thus dramatically increasing the odds for a…

April 29, 2025

Summer Markets Could be Bearish; Bitcoin Enters Now-or-Never Trade-Here’s What’s Next for BTC Price?

Bitcoin continues to maintain its upward trend ever since the token has bounced off above…

April 29, 2025

Tether Could Lose Its #3 Crypto Spot to XRP – Here’s Why

There’s a storm brewing in the crypto markets, but where you least expect it!  While…

April 29, 2025