Solana Jumps 13%, Overtakes BNB As Fourth Largest Crypto As Trump’s Triumph Boosts SOL ETF Approval Hopes

Solana’s native token SOL is on a roll today after seeing its price increase by over 10% in the past 24 hours. The latest strong-up move pushed SOL above Binance-affiliated BNB (BNB), making it the fourth-largest cryptocurrency by market capitalization.

Solana’s rally came amid booming expectations of a possible spot SOL exchange-traded fund (ETF) after Donald Trump, the self-styled stalwart of the U.S. cryptocurrency industry, secured a second term as POTUS.

SOL ETF Likely In Q1 2025?

While on the campaign trail, former president Donald Trump made a slew of promises to the crypto community, including vowing to fire Securities and Exchange Commission Chair Gary Gensler “on day one” of office. The SEC, under Gensler’s leadership, has filed multiple lawsuits against many high-profile companies, claiming that most cryptocurrencies are unregistered securities. The regulator has specifically alleged that it thinks SOL is an unregistered security. 

Because of such promises, many in the crypto industry have high hopes for the incoming crypto-friendly Trump presidency.

“Markets are still heavily mispricing a republican sweep, and the upside for the industry is likely much higher than previously anticipated,” Syncracy Capital co-founder Daniel Cheung observed in a Nov. 6 post on X.

SOL appears poised to be the next token in the market with an ETF. In early July, the Cboe submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) asking to list VanEck’s and 21Shares’ potential spot Solana ETFs, initially filed in late June. Asset manager Canary Capital recently became the third firm to file to launch a spot Solana product in the United States.

Many market spectators anticipate Solana ETFs being soon greenlighted in the United States following the recent approvals of Bitcoin and Ethereum funds.

“SOL ETF likely happens in Q1 2025 putting SOL in a position to flip ETH and even trade at $1000,” Cheung asserted.

SOL spiked from a low of $156 on Nov. 5, climbing as much as 20% to a three-month high of $188.55 on Nov. 6, according to CoinGecko data. Solana reached a market cap of more than $87 billion, effectively surpassing BNB Chain’s BNB and earning a spot as the fourth most valuable digital asset behind only Bitcoin (BTC), Ether (ETH), and Tether’s stablecoin USDT. 

Crypto analyst Amdtrades believes that the price of Solana has to overcome the resistance at $190 before posting new highs above the elusive $200 mark.