Solana’s native digital asset (SOL), has jumped 17% in the last 24 hours, reaching a market value of $87.3 billion and passing Binance Coin (BNB) to become the fourth-largest cryptocurrency. This rise follows Donald Trump’s recent election win, which has sparked hope for a Solana ETF approval.
Trump Win Could Lead to SOL ETF Approval
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 may be underestimating a potential “Republican sweep,” which he claims could send SOL’s value “much higher than previously anticipated.”
He predicts that a SOL ETF could become a reality by early 2025, potentially driving the token to a milestone of $1,000.
Cheung’s thoughts are backed by other analysts, including Rennick Palley of Stratos, who previously suggested that Solana might be next in line for an ETF approval.
Solana Surpasses BNB
With the latest surge, Solana’s market cap hit over $87 billion, making it the fourth-largest cryptocurrency, surpassing Binance Coin (BNB). SOL now stands just behind Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT).
This growth has attracted significant attention, especially with the rising demand for Solana among investors. Although, in comparison, BTC and ETH also saw impressive increases of 8.4% and 6%, respectively.
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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.
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