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Solana Climbs to New Heights, Grabs Fourth Place in Market Cap

The SOL token surged in the last 24 hours, hitting a crisp $188—a six-month high. This uptick boosted Solana’s market cap to over $88 billion, vaulting it past BNB and securing its place as the fourth-largest crypto. CoinGecko data confirmed the SOL spike, all while the entire crypto world watched Trump march back into the Oval Office.

Many market players are betting Trump’s win could shake up the U.S. crypto space. With his known disdain for heavy-handed financial regs, a Trump presidency might just unlock a more welcoming regulatory landscape. Some have their eyes locked on a potential Solana ETF approval, long considered a Holy Grail for the blockchain.

Optimism Rises for Solana ETF Amid Pro-Crypto Vibes

Balaji Srihari, the Business Head at CoinSwitch, shed light on Trump’s anticipated pro-crypto tilt. “Donald Trump’s victory signals a potentially more favorable regulatory environment for the crypto industry,” he told Decrypt. His words didn’t fall on deaf ears, as traders see this as a moment to reassess Solana’s ETF chances. But it’s a labyrinthine path. The SEC still lists Solana as a security, tagging it with regulatory hurdles.

To get an ETF, Solana needs AML, KYC checks, custody protocols, and sky-high demand—criteria the SEC won’t budge on. Srihari admits there’s no straight shot, calling the ETF’s future “a complex interplay of regulatory and market dynamics.”

Trump’s Regulatory Stance Could Shake SEC Leadership

Trump has hinted he’d like to oust SEC Chair Gary Gensler, whose stance on crypto has felt icy to investors. The SEC Chair sets the tone for U.S. crypto oversight, so a new head could mean a lot. While Trump can’t directly fire Gensler, a new SEC head could still enter the picture, one friendlier to Solana and other coins.

Meanwhile, Trump’s vow to supercharge U.S. crypto ventures has some market watchers excited. Anmol Singh, founder of Zeta Markets, sees Solana as primed for lift-off under this administration. “Solana stands as a front-runner to benefit from these windfalls due to the masses of users, vibrant base of capital, battle-tested protocols and its ever-increasing decentralization,” he said.