Solana’s SOL token saw an impressive 17% price surge in just 24 hours, driven by the growing anticipation of a Solana ETF being approved. This optimism stems from the recent filings made by Cboe with the SEC in July, paving the way for potential listings of ETFs from VanEck and 21Shares.
The speculation around a potential ETF for Solana has been further fueled by the possibility of a more crypto-friendly regulatory environment under a Trump administration. Market experts are now predicting that SOL could surpass ETH in market cap and even reach a price of $1000 in the near future.
Following the price surge, Solana’s market cap rose to over $85 billion, solidifying its position as the fourth-largest token by market cap, trailing behind only BTC, ETH, and USDT. This significant increase in market cap has allowed SOL to overtake BNB Chain’s BNB token.
The overall market also saw positive movement, with BTC rising by 8.4% and ETH by 6% during the same period. The CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, experienced a 7% increase as well.
Trading volumes for SOL spiked to over $8.8 billion in the past 24 hours, indicating a strong surge in investor interest and activity. This sharp increase in trading volumes highlights the growing popularity and demand for Solana’s token in the market.
The recent surge in SOL’s price coincided with Donald Trump’s lead over Kamala Harris in the U.S. election, further boosting expectations of a favorable regulatory environment for the crypto industry. A potential Trump presidency is seen as a positive development for the industry, as it is expected to lead to relaxed regulations and improved conditions for crypto entrepreneurs.
Overall, the significant price surge and market cap increase for Solana’s SOL token reflect the growing optimism and excitement surrounding the potential approval of a Solana ETF. With the crypto industry closely watching developments in the regulatory landscape, all eyes are on Solana as it continues to make waves in the market.