Solana’s climb has now placed it as the fourth-largest cryptocurrency position, following only Bitcoin (BTC), Ethereum (ETH), and Tether’s USDT.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 mins read
Solana’s SOL token SOL $123.6 24h volatility: 1.1% Market cap: $63.33 B Vol. 24h: $2.65 B is having a field day after seeing its value rise over 17% in the past 24 hours. The recent surge was enough to push it above BNB Chain’s BNB BNB $592.5 24h volatility: 2.0% Market cap: $86.51 B Vol. 24h: $791.16 M , as it earned a spot as the fourth-largest cryptocurrency by market cap.
Notably, this value rise is reflective of what is currently playing out in the general crypto market. That is, as most market participants continue to hold on to the speculation that the lead of former US President Donald Trump’s lead in the ongoing elections could signal more favorable crypto policies. Not only that. It is also believed that a Trump win would speed up the approval for a Solana-based exchange-traded fund (ETF).
For long, market experts have opined that if Trump secures the presidency, it could lead to regulatory changes that will greatly benefit digital assets. The popular belief is that a Trump administration would be a crypto-friendly one that would most likely clear the path for Solana’s ETF launch early in 2025.
This theory was recently echoed by Daniel Cheung, co-founder of Syncracy Capital. Sharing his bit in a recent X post, Cheung suggests that the Republican sweep would have far more implications for the crypto industry than was ever anticipated. Part of his post reads:
“SOL ETF likely happens in Q1 2025 putting SOL in a position to flip ETH and even trade at $1000.”
Cheung’s predictions have somehow excited investors and may be part of the reason behind its recent big gains in the market.
About a Solana ETF being approved, the signs first surfaced when Cboe filed regulatory documents with the Securities and Exchange Commission (SEC) in July. As Coinspeaker reported earlier, Cboe sought to list VanEck’s and 21Shares’ potential spot Solana ETFs.
At the time, Rennick Palley, a founding partner at Stratos crypto fund, noted that Solana seemed well-positioned to be the next major token to gain ETF approval.
With the scale tipping more in the favor that a Trump administration would view coins such as SOL as tokens and not securities, it is now very likely that a SOL ETF approval might be imminent.
Over the past 24 hours, Solana reached a trading volume of $8.8 billion. This represents a significant boost from the previous day’s $3.2 billion. Coingecko data also shows its market capitalization surging to over $85 billion as SOL’s value crossed $185.
As of publication, Solana’s climb has now placed it in the fourth-largest cryptocurrency position, following only Bitcoin BTC $81 943 24h volatility: 1.4% Market cap: $1.63 T Vol. 24h: $20.47 B , Ethereum ETH $1 803 24h volatility: 1.6% Market cap: $217.55 B Vol. 24h: $14.56 B , and Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $143.92 B Vol. 24h: $36.48 B .
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
