Solana (SOL) Surges 17% After Trump's Election Win, Reaching $87.3 Billion in Market Cap-web3.0-php.cn

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Solana (SOL) Surges 17% After Trump's Election Win, Reaching $87.3 Billion in Market Cap

Susan Sarandon

Nov 06, 2024 pm 09:26 PM

Solana SOL ETFTrump Win

Hopes rise for a Solana ETF approval as Trump's pro-crypto policies gain attention.

Solana (SOL) Surges 17% After Trump's Election Win, Reaching .3 Billion in Market Cap

Solana (CRYPTO: SOL) price surged 17% in the last 24 hours to reach a market value of $87.3 billion, surpassing Binance Coin (CRYPTO: BNB) to become the fourth-largest cryptocurrency.

The rise comes amid hopes for a Solana ETF approval, given Donald Trump's pro-crypto policies.

What Happened: Solana's native digital asset jumped 17% in the last 24 hours, reaching a market value of $87.3 billion and passing BNB to become the fourth-largest cryptocurrency.

Solana price now ranks behind Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and stablecoin Tether (CRYPTO: USDT).

Trump Win May Lead to SOL ETF Approval: As Trump edges closer to returning to the White House for a second term, hopes are rising for pro-crypto policies, given his recent positive remarks on cryptocurrency.

This has led to hopes that a Solana exchange-traded fund (ETF) may be approved following his U.S. presidential win.

"If we get a Republican sweep, everyone is underestimating how high this will go. I think we will see sol reach levels much higher than previously anticipated," said Daniel Cheung, co-founder of Syncracy Capital.

"Solana ETF will be approved by early 2025. I think sol will reach $1,000 before then."

Cheung's thoughts are shared by several analysts, including Rennick Palley of Stratos, who said earlier that Solana could be next in line for an ETF approval.

Solana Surpasses BNB: With the latest surge, Solana's market cap stood at over $87 billion, making it the fourth-largest cryptocurrency, surpassing Binance Coin (CRYPTO: BNB).

Solana is now placed behind Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and stablecoin Tether (CRYPTO: USDT).

The growth comes amid strong interest in Solana from investors, although, in comparison, BTC and ETH also saw healthy increases of 8.4% and 6%, respectively.

TVL on Solana Surges: Data from DeFi Llama showed that Solana's total value locked (TVL) surged past $6.56 billion, highlighting strong growth in DeFi activity on the network over the last two months.

Recently, Solana outperformed Ethereum in daily network fees, thanks to a big boost in activity on its popular decentralized exchange, Raydium.

In 24 hours, Raydium generated over $3 million in fees for Solana, with $2.42 million collected from swaps alone.

Solana price now trades at $185.03 with a market cap of around $87.18 billion, making it the fourth-largest cryptocurrency.

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