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.
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’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.
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.
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