The crypto market is buzzing with excitement following Donald Trump’s reelection as U.S. President, a development that has sent ripples across the blockchain sector. With Trump expected to appoint pro-crypto regulators, the approval of new cryptocurrency exchange-traded funds (ETFs), including one for Solana (SOL), seems increasingly plausible. Investors are now predicting Solana’s price could soar to $900.
Solana ETF Hopes Push SOL Toward $900
Solana (SOL), known for its blazing transaction speeds and robust ecosystem, has experienced a remarkable rally. As of mid-November 2024, the SOL price has climbed to $238.15, just 8% shy of its all-time high. Analysts believe this is only the beginning, with potential ETF approval under Trump’s administration poised to drive prices further.
Institutional Confidence and Market Cap Growth
Solana’s market cap has surged to $112.4 billion, securing its position as the fourth-largest cryptocurrency. Institutional investors are increasingly eyeing Solana due to its technical capabilities and growing adoption, making it a prime candidate for ETF approval.
The odds of a Solana ETF being listed by the end of 2025 are “overwhelmingly high,” according to VanEck’s head of digital asset research, Matthew Sigel. A favorable regulatory landscape under Trump’s presidency is expected to pave the way for such approvals.
Trump’s Pro-Crypto Policies Spark Optimism
Under President Joe Biden, the crypto industry faced significant regulatory challenges, with the SEC filing over 100 actions against crypto firms. Trump’s victory signals a potential shift toward a more favorable environment for digital assets.
Eric Balchunas, an ETF analyst at Bloomberg Intelligence, noted that the flurry of ETF proposals submitted in 2024 were effectively “call options” on a Trump presidency. With Trump’s victory, the path for new ETFs, including those for Solana, seems clearer.
Regulatory Winds Shift in Favor of Crypto
The U.S. crypto industry has much to celebrate following Trump’s victory, which has ushered in the most pro-crypto Congress in history. The Republican-majority Senate and House are expected to support initiatives that promote blockchain innovation and ETF approvals.
Trump’s administration is also rumored to consider appointing crypto-friendly regulators, such as Summer Mersinger for the Commodity Futures Trading Commission (CFTC). These moves could create a more accommodating regulatory environment for cryptocurrencies like Solana.
The Road Ahead: Opportunities and Risks
The next few years could be pivotal for the crypto market. Solana’s prospects for ETF approval and PropiChain’s groundbreaking real estate tokenization represent two sides of the blockchain innovation spectrum.
While Solana offers a relatively stable growth trajectory backed by institutional support, investors should closely monitor regulatory developments and market dynamics as they weigh their options.
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