Solana Soars 17%, Overtakes BNB Amid ETF Hopes and Trump Lead

• The price of Solana's SOL token surged by 17% in just 24 hours, driven by increasing expectations for a Solana ETF. Anticipated listings from VanEck and 21Shares are in the spotlight following Cboe's SEC filings made in July.

• This surge in optimism is largely attributed to the potential for a more crypto-friendly regulatory framework under a possible Trump administration. Analysts predict that SOL could surpass ETH in market capitalization and may reach $1000.

• The price increase has propelled SOL's market capitalization to over $85 billion, positioning it as the fourth-largest cryptocurrency by market cap.

Market Insights and Predictions

• Solana's recent price jump is closely linked to Donald Trump's lead over Kamala Harris in the U.S. election, which has rekindled hopes for an exchange-traded fund (ETF) approval for the token in the near future.

• Daniel Cheung, co-founder of Syncracy Capital, noted on X that markets are undervaluing the potential for a Republican sweep, suggesting that the upside for the industry could be significantly higher than previously thought. He anticipates that a SOL ETF could be approved in Q1 2025, potentially allowing SOL to flip ETH and reach a price of $1000.

• Rennick Palley, founding partner at Stratos, previously mentioned to CoinDesk that SOL is "poised to be the next token with an ETF," as there is a widespread belief that tokens may not be classified as securities under a Trump administration.

SEC Filings and Market Performance

• In July, Cboe submitted filings to the Securities and Exchange Commission (SEC) to list potential spot Solana ETFs from VanEck and 21Shares, which were initially filed in late June.

• Following the recent surge, SOL's price exceeded $185, resulting in a market capitalization surpassing $85 billion. This increase allowed it to overtake BNB Chain's BNB, making it the fourth-largest token, trailing only behind Bitcoin (BTC), Ethereum (ETH), and stablecoin USDT.

• During this period, Bitcoin rose by 8.4% and Ethereum added 6%. The broader CoinDesk 20 index, which tracks the largest tokens by market capitalization, increased by 7%.

Trading Volume and Political Context

• According to Coingecko data, trading volumes for SOL exceeded $8.8 billion in the past 24 hours, a significant rise from $3.2 billion during the previous 24-hour period.

• The price surge coincided with Trump’s increasing likelihood of winning the presidency, as he leads in key states and has secured 240 electoral votes out of the 270 needed for victory.

• A Trump presidency is largely viewed as favorable for the cryptocurrency sector, with expectations that he will relax crypto regulations and foster a better business environment for industry entrepreneurs.