Trump’s Leadership Leads to a 17% Jump, Bolstering SOL ETF Hopes

Solana’s SOL has risen 17% in the last 24 hours on expectations that Donald Trump’s lead over Kamala Harris in the US election will increase the likelihood of an exchange-traded fund (ETF) approval for the token.

“Markets are massively mispricing the odds of a Republican win, and the sector rally will be much higher than expected,” Syncracy Capital co-founder Daniel Cheung wrote in the X post. “SOL ETF will probably start to be talked about in the 1st quarter of 2025. If this is the case, SOL could topple ETH and even be in a position to be traded at $1000.”

Rennick Palley, co-founder of crypto venture fund Stratos, reported in an interview with CoinDesk in July that SOL was “poised to be the next token with an ETF” as investors believed the tokens “will not be viewed as securities by the Trump administration.”

Cboe filed 19b-4 filings with the Securities and Exchange Commission (SEC) in early July that VanEck and 21Shares were seeking to list potential spot Solana ETFs, and in fact, those filings were first filed in late June.

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SOL rose above $185 early on Wednesday, reaching a market cap of over $85 billion, surpassing BNB Chain’s BNB to become the fourth-largest token.

While BTC increased by 8.4 percent during this period, ETH gained 6 percent in value. The broad-based CoinDesk 20 (CD20) Index, the liquid index of the largest tokens by market value, rose 7%.

CoinGecko data shows that transaction volumes exceeded $8.8 billion in the last 24 hours, an incredible increase compared to $3.2 billion in the previous 24-hour period.

The increase comes as Republican Donald Trump moves closer to becoming US president, leading most of the key states and capturing 240 of the 270 seats needed to govern the country.