Crypto
Solana Surges: Trump’s White House Win Fuels Anticipation for SOL ETFs
Solana’s market cap has surged past Binance Coin, reaching $94 billion, driven by a 20% weekly price increase to $200. The anticipated Trump presidency could bring favorable U.S. crypto policies, including a new SEC leadership potentially easing legal hurdles. Experts believe this climate boosts Solana’s ETF approval chances, marking a major crypto policy test.
SOL has moved up to fourth place among the most capitalized cryptocurrencies with a weekly increase of 20 percent. The imminent change of power in the USA strengthens opportunities for Solana ETFs.
Bitcoin (BTC) has been setting new all-time highs every day since Donald Trump’s election victory, and some altcoins are benefiting more than others from this pull. A prime example is SOL. Solana experienced a difficult period during Joe Biden’s term in office.
The US Securities and Exchange Commission (SEC) accuses Solana of being traded on crypto exchanges without the necessary authorization . And the bankruptcy of the crypto exchange FTX also hit Solana harder than others in 2021/2.
Solana now more capitalized than Binance Coin (BNB)
But SOL has overcome the noise step by step and is currently looking extremely strong. A 20 percent weekly increase has brought Solana’s price curve to the striking mark of $200, and the market capitalization has reached a new record high of almost $94 billion. That was enough for Solana to overtake Binance Coin (BNB) on the list of the most capitalized cryptocurrencies (“flipping”) and now occupy fourth place. What supports the noticeable optimism for SOL?
The imminent return of Donald Trump to the White House is expected to lead to a turnaround in the USA’s crypto policy. Trump has concrete plans for Bitcoin, including a state BTC reserve. But the Republican also wants to ensure that the framework conditions for the crypto industry are friendly and Solana could be the biggest beneficiary here.
With the new appointment at the top of the SEC promised by Trump, the authority could abandon ongoing legal proceedings against Solana and Co. and also reassess the crypto ETF division.
Experts say: With Trump, opportunities for Solana ETFs have increased
This year, Bitcoin ETFs in January and Ethereum ETFs in the summer received SEC approval after years of wrangling, which led to a boom for BTC. Other prominent altcoins are also hoping for such dynamics, and Solana has a promising starting position. The SEC has already received three applications for Solana ETFs, with two well-known institutions, VanEck and 21Shares, involved.
Experts like Anmol Singh of Zeta Markets are now saying that Solana is at the forefront of profiting from Trump’s “stroke of luck”. According to Singh, masses of SOL users, proven technology and increasing decentralization in the Solana network are strong arguments to justify ETFs.
Balaji Srihari of CoinSwitch also sees good opportunities for Solana ETFs under new SEC leadership. He expects that details such as anti-money laundering and KYC will still need to be worked out, but then the way should be clear for Solana ETFs.
Conclusion: Solana ETFs next year? Test for Trump’s new crypto policy
Ripple (XRP) is also hoping for ETFs, and applications have been received by the SEC. Like Solana, XRP has its roots in the USA and a correspondingly strong community. The approval process for Solana ETFs and those for XRP is likely to be a first test of whether Trump’s efforts to win votes from the crypto scene will result in noticeable results.
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(Featured image by GuerrillaBuzz via Unsplash)
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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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