Solana surpassed BNB in market capitalization amid expectations for ETF approval

The price of Solana (SOL) has surged by 17% following Donald Trump's victory in the U.S. presidential election, which has heightened expectations for the approval of a Solana-ETF.



One-day chart of SOL/USDT. Source: Binance/Cryptovizor

Record Growth and New Rankings

SOL reached $188, with a market capitalization exceeding $87 billion. This milestone allowed it to overtake BNB and claim fourth place in market capitalization, following Bitcoin, Ethereum, and the stablecoin USDT.



Top 5 cryptocurrencies by market capitalization. Source: CoinMarketCap.

SOL's trading volume over the past day reached $8.8 billion, which is nearly three times higher than the previous figure of $3.2 billion. Alongside the overall market growth, Bitcoin increased by 8.4% and Ethereum by 6%.

The Political Factor

Donald Trump is firmly in the lead in the presidential race, having secured the necessary 270 electoral votes. The Republican Party has also bolstered its standing in Congress.

The prospect of Trump's return to the White House is seen as a positive sign for the crypto industry. During his campaign, he promised to establish a national Bitcoin reserve, support mining in the U.S., and ease restrictions on blockchain companies.

ETF Prospects

In early July, the Chicago Options Exchange submitted applications to the Securities and Exchange Commission (SEC) for listing spot Solana-ETFs from VanEck and 21Shares.

"Markets are still underestimating the likelihood of a Republican victory, and the growth potential of the industry could be much higher than previously thought," noted Daniel Cheung, co-founder of Syncracy Capital.

He believes that the approval of a Solana-ETF could take place in the first quarter of 2025, potentially driving SOL's price up to $1000 and allowing it to surpass Ethereum in market cap.

Rennick Palley, founder of the crypto venture fund Stratos, suggests that SOL is likely to be the next token to gain an ETF, as cryptocurrencies will not be classified as securities under a Trump administration.

The current trend indicates a rising interest among institutional investors in Solana amid potential regulatory shifts in U.S. crypto assets. Successful ETF approval could set a precedent for the introduction of new investment products based on other cryptocurrencies.