In a dramatic turn of events, Solana’s native digital asset, known by its ticker SOL, has experienced a remarkable 17% increase in value over the last 24 hours. This surge has propelled its market capitalization to a staggering $87.3 billion, allowing it to surpass Binance Coin (BNB) and claim its position as the fourth-largest cryptocurrency. This impressive growth coincides with the recent election victory of Donald Trump, sparking renewed optimism about the potential approval of a Solana-based exchange-traded fund (ETF).
Trump’s Victory: A Catalyst for SOL ETF Approval?
As Donald Trump edges closer to what could be his second term in the White House, the anticipation for pro-crypto policies is palpable. His recent positive stance on cryptocurrency has further fueled speculations that his presidential win could pave the way for the much-anticipated approval of a Solana ETF. This development could potentially revolutionize the crypto landscape, offering investors new avenues for engagement with Solana’s burgeoning ecosystem.
Daniel Cheung, co-founder of Syncracy Capital, has expressed that the market might be underestimating the potential impact of a “Republican sweep.” He suggests that such a political shift could drive SOL’s value significantly higher than previously anticipated. Cheung envisions the realization of a SOL ETF by early 2025, with the potential to propel the token to an unprecedented milestone of $1,000.
Cheung’s optimism is echoed by several analysts, including Rennick Palley of Stratos, who has previously indicated that Solana could be next in line for ETF approval. This growing consensus among market experts underscores the increasing confidence in Solana’s potential to reshape the cryptocurrency landscape.
Solana’s Ascent: Surpassing Binance Coin
Solana’s recent surge has not only increased its market capitalization but has also elevated it to the position of the fourth-largest cryptocurrency, overtaking Binance Coin (BNB). With a market cap exceeding $87 billion, SOL now sits just behind industry giants like Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT).
This remarkable growth has captured the attention of investors worldwide, highlighting the rising demand for Solana. While Bitcoin and Ethereum also enjoyed significant increases of 8.4% and 6%, respectively, Solana’s performance has been particularly noteworthy, drawing the spotlight onto its promising future prospects.
Solana’s DeFi Ecosystem: Total Value Locked (TVL) Soars
Recent insights from DeFi Llama reveal that Solana’s total value locked (TVL) has surged beyond $6.56 billion. This marks a significant uptick in decentralized finance (DeFi) activity on the Solana network over the past two months, underscoring its growing popularity among developers and investors alike.
In recent times, Solana has even outperformed Ethereum in terms of daily network fees, thanks to a substantial increase in activity on its popular decentralized exchange, Raydium. In just 24 hours, Raydium generated over $3 million in fees for Solana, with a remarkable $2.42 million collected solely from swaps. This impressive performance highlights the robustness and efficiency of Solana’s ecosystem.
As of now, SOL is trading at $185.03, with a market capitalization of approximately $87.18 billion, firmly establishing its status as the fourth-largest cryptocurrency. These developments point to a promising future for Solana, as it continues to capture the imagination of investors and stakeholders across the globe.
