In a recent development, Solana (SOL) gained 17%, bringing its market value to $87 billion, overtaking Binance Coin (BNB) and becoming the fourth-largest cryptocurrency. This rise was supported by the rise in expectations for Solana ETF approval along with Donald Trump’s victory in the presidential election. In addition, Solana’s strong growth in the decentralized finance (DeFi) space and increasing investor demand are also drawing attention.
Solana’s Strong Performance and Market Volatility$SOL
Solana gained 13.7% in the last 24 hours, reaching $185.68, bringing its market value to $87.43 billion. This impressive rise was supported by a trading volume of $11.29 billion. Its circulating supply is around 471 million SOL, while its total supply is recorded as 587.96 million SOL. This performance stands out as an important indicator that highlights Solana’s increasing demand and market volatility.
Trump’s Victory and Its Impact on the Crypto Market
Donald Trump’s presidential victory has created a positive atmosphere in the cryptocurrency market. Known for his crypto-friendly policies, Trump is thought to be able to make positive changes in the regulatory landscape for Solana and other digital assets. Many crypto experts suggest that Trump’s presidency could pave the way for an exchange-traded fund (ETF) for Solana to be approved. Syncracy Capital co-founder Daniel Cheung said that the market could see a stronger rally with a “Republican sweep” during Trump’s presidency. Cheung stated that in this case, Solana’s value could reach much higher levels than expected, and SOL could reach $1,000 by early 2025.
Solana and DeFi Growth: Leaving Binance Coin in Fourth Place
Solana has moved past Binance Coin (BNB) to reach fourth place, falling behind only giants like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This rise reflects the growing interest and confidence in Solana among investors. Bitcoin and Ethereum continue to attract attention, up 8.4% and 6% respectively, but Solana’s recent performance is a serious competitor to these two cryptocurrencies.
The Rise in the DeFi Space and Strong Performance Against Ethereum
Solana has also gained significant momentum in the DeFi space. According to DeFi Llama data, Solana’s total value locked (TVL) has surpassed $6.56 billion. This shows that DeFi activity on the Solana network has increased significantly in the past two months. The high trading volume on Solana’s decentralized exchange platform Raydium has helped it dominate even daily network fees compared to Ethereum. In just 24 hours, Raydium provided more than $3 million in network fees to the Solana network, $2.42 million of which came from swaps.
As a result, Solana’s rise is supported not only by price but also by the growth and increasing demand in the DeFi space. With Donald Trump’s election victory, Solana is expected to gain even more momentum and be in a much stronger position following a potential ETF approval.
