Solana (SOL) Flips BNB Chain with 17% Jump, as Trump’s Lead Rekindles Crypto ETF Hopes

• Digital asset managers, including Canary Capital, VanEck, and Franklin Templeton, are pushing for a spot Solana ETF, with filings already made to the SEC.
• Solana’s price shows bullish momentum, supported by technical patterns like the inverse head and shoulders and a golden cross.

Following Donald Trump’s victory on Tuesday, November 5, Bitcoin and the broader crypto market rallied hard with BTC hitting a fresh all-time high. Within the altcoin space, Solana (SOL) outperforms its peers with more than 17% gains in the last 24 hours, surging all the way to become the fourth-largest crypto by market cap while toppling BNB Coin.

The victory of Donald Trump has got the crypto community talking about the potential arrival of a spot Solana ETF under the Trump administration. Many analysts believe that also believe that it will open the doors for several other crypto ETFs in the market. In a post on the X platform, Syncracy Capital co-founder Daniel Cheung said:

Markets are still heavily mispricing a republican sweep and upside for the industry is likely much higher than previously anticipated. SOL ETF likely happens in Q1 2025 putting SOL in a position to flip ETH and even trade at $1000.

Digital asset manager Canary Capital has filed with the Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF). Submitted on October 30, Canary’s filing positions it among major asset managers, including VanEck and 21Shares, who are also exploring similar Solana-focused ETFs. Additionally, Franklin Templeton is reportedly considering a spot SOL ETF launch as well. On the other hand, asset manager VanEck also believes that the approval of spot Solana ETF is inevitable, reported CNF.

Solana (SOL) Price Action Ahead

On the daily technical chart, the Solana price is showing strength forming an inverse head and shoulders pattern. As of press time, the SOL price is trading at $186.77, above its key resistance levels of $183. The SOL token has formed a golden cross, with the 50-day and 200-day moving averages crossing above each other. Additionally, the Relative Strength Index (RSI) has surged to 65.

Courtesy: TradingView

The short-term price forecast for Solana suggests continued upward movement, with a potential retest of the year-to-date high at $210, representing a 15% increase from the current level. A breakout above this price could signal further gains, potentially reaching $300.

In a recent X post, TraderKox, with 130,000 followers, shared his Solana price prediction, forecasting a bullish breakout after an eight-month consolidation. He anticipates the coin could surge to $500, representing a 169% increase from its current price.

$SOL

One of the absolute best looking charts out there

We are getting a breakout from 8 months of consolidation

LINING UP WITH TRUMP WINNING THE ELECTION. SEND IT TO $500 pic.twitter.com/hg7mmCmn4V

— TraderKoz (@TraderKoz) November 6, 2024

Recently, Solana has garnered significant attention, attracting institutional interest and driving a rally among other altcoins. Last week, the network saw $5.7 million in inflows from institutional investors, reported CNF.