Solana Jumps 17%, Flips BNB Chain Token, as Trump's Lead Renews ETF Hopes
Summary
Solana's SOL increased by 17% in 24 hours due to Donald Trump's lead over Kamala Harris in the U.S. election, raising expectations for an ETF approval. Daniel Cheung of Syncracy Capital suggests a SOL ETF could occur in Q1 2025, potentially increasing SOL's value significantly. Rennick Palley from Stratos believes SOL is likely to be the next token with an ETF, as it may not be viewed as a security under a Trump administration. The Cboe filed to list VanEck's and 21Shares' Solana ETFs. SOL's market cap surpassed $85 billion, making it the fourth-largest token. Trading volumes reached $8.8 billion, with BTC and ETH also rising. A Trump presidency is seen as favorable for crypto growth.
