Solana’s price (SOL) has surged to $188, hitting a six-month high, on a wave of investor optimism following Donald Trump’s US presidential election win. With a 3.4% gain in the past 24 hours, Solana’s market capitalization has surpassed $88 billion, officially overtaking $BNB to become the fourth-largest cryptocurrency, according to data from CoinGecko.
Trump’s return to the White House has raised expectations that his administration will establish a more favorable regulatory environment for the crypto market, boosting the chances of a Solana ETF being approved in the United States. Balaji Srinivasan, chief technology officer of #CoinSwitch , said that a Trump victory could lead to a friendlier regulatory landscape for assets like Solana, potentially paving the way for the SEC to take a less harsh approach toward crypto products.
However, the SEC currently classifies #Solana as a security, which has been a roadblock to ETF approval. Solana will need to demonstrate that it meets anti-money laundering (AML) and know-your-customer (KYC) standards, as well as show strong market demand and secure storage, in order to make its case, according to Srinivasan.
Anmol Singh, founder of Zeta Markets, suggested that a Trump comeback could be a major boon for Solana, given the blockchain’s strong fundamentals and large user base. Singh stated that Solana has the potential to rival $BTC and #Ethereum , and could become a top-three coin if an ETF is approved.
Trump has also hinted at potentially firing SEC Chair Gary Gensler, who has taken a tough stance on regulating the crypto market. While the US president does not have the power to remove the head of an independent agency, analysts have speculated that a change in SEC leadership could open the door to more supportive policies for crypto assets like Solana.