By Michael Scott
Solana bulls take charge following Trump’s reelection with huge gains imminent with ETF approval.
Solana (SOL) surged 45.6% in the past month to realize a 24-hour range of $196.93 – $204.79. The rally cements SOL within the industry-wide uptick that has seen Bitcoin attain a new peak level at $76,872.61, per CoinGecko data.
Solana rally leaves it barely $55 away from matching the all-time high at $259.96. The upward movement emerges as investor sentiment turns positive following Donald Trump’s recent triumph over Kamala Harris in the US presidential election.
Solana Surge to $94 Billion
Looking at the daily chart, Solana’s price is on the desired path with the 5.6% intraday gains pushing the market capitalization above $94 billion. The 5.6% bump has seen SOL surpass BNB to rank the fourth-largest crypto by market value, as shown by CoinGecko.
The Trump return to the Oval Office marks positive news for the crypto market optimistic that the administration will offer a favorable regulatory environment. The Solana community is optimistic that a Republican-leaning Security and Exchange Commission (SEC) will facilitate the SOL exchange-traded fund (ETF).
With Solana adding 5.6% to the value to change hands at $199.29, it portrays a higher probability of hitting $205 or $210 by the end of November. Analysts are bullish that SOL will soar decently to test $250 as 2024 draws to a conclusion citing the US voting the most pro-crypto Congress ever.
The US crypto industry anticipates critical developments as it celebrates major wins in Congress as Trump is re-elected president. Notably, the GOP secured victory in Congress with 247 pro-crypto candidates winning the House of Representatives race.
A look into the Stand With Crypto data shows that only 113 anti-crypto members were elected. The crypto advocacy group unveiled by Coinbase indicates that the Senate is leaning toward digital assets. It highlights that 15 supporters triumphed while only 10 crypto opponents won the race.
CoinSwith business head Balaji Srihari anticipates regulatory development that will allow Solana to optimize potential. The executive attributes Trump’s victory as indicative of a potentially favorable regulatory environment for the crypto industry. Such is likely to ease the SEC’s stringent stance on digital assets such as Solana.
Solana ETF Imminent
While the political leadership shift could soften the path to Solana ETF approval, the future of the product uptake is dependent on the complex interplay of regulatory and market factors.
The CoinSwitch executive notes that the SEC profiles Solana as security. Such complicates the likelihood of ETF approval. He adds that Solana should satisfy the AML and KYC standards besides showing strong demand and guaranteeing secure custody. He considers such key factors to be key factors for Solana’s legitimacy.
Trump’s re-election is widely regarded within the crypto industry given the consistent support and pro-crypto stance. The GOP had throughout his campaign trail publicly declared strong support for digital assets. Notably, the former president pushed for deregulation and open support for crypto mining in the US.
Zeta Markets founder Anmol Singh considers Trump’s return as the potential catalyst for Solana’s prospects given its strong fundamentals. He considers Solana as the front-runner to benefit from the windfalls emerging from the users’ mass and vibrant capital base.
Singh considers Solana as having battle-tested protocols and ever-scaling decentralization. SOL has the opportunity to move in tandem with BTC and ETH as it eyes major momentum from the ETF approval.
Trump’s re-election as the 47th president is a critical win as he hinted at firing Gary Gensler from the SEC chair role. The executive is perceived to be against crypto for overseeing a strict regulatory approach featuring Wells notice to firms. However, it is critical to note that the president lacks the power to fire federal agencies’ heads.
Crypto analysts expect Gensler to exit to pave the way for an SEC chair who would oversee supportive policies for the crypto including Solana.