Solana made a huge leap, rising 17% to $188. This allowed it to surpass Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap. On the other hand, Toncoin slipped down the rankings, falling from 9th to 11th. So, what happened behind the scenes with SOL rising and Toncoin struggling?
SOL rises on potential ETF hopes
Many believe that SOL’s recent rise could be tied to political factors in the United States. With former President Donald Trump leading in the polls, some believe that a crypto-friendly government could re-emerge. If so, Solana could receive ETF approval, a move that would open new doors for the token. Daniel Cheung of Syncracy Capital even suggested that a favorable outcome to the election could eventually push SOL closer to the $1,000 mark. It’s a pretty optimistic view, but it’s one that has caught the attention of investors.
Toncoin’s Drop — Just a Temporary Setback?
Unlike Solana, Toncoin hasn’t had the same luck lately. It dropped two spots in CoinMarketCap’s rankings and has lost 6.75% in value over the past week. More interestingly, Toncoin’s trading volume has surged by more than 50% in the past 24 hours. This suggests that activity around the open network hasn’t exactly slowed down. While the price has dropped, trading volume has increased, indicating that investors are taking a stake in the cryptocurrency.
Expectations for SOL and Toncoin
Now that Trump has ascended to the throne in the United States, the community is eagerly awaiting new reforms to help the crypto space. Solana’s performance and possible ETF approval could spark more excitement. Currently, SOL is priced at $182.74 after a 4% drop from $188. On the other hand, despite its current decline, Toncoin might just need a spark, and it could be some new Telegram app like Paw. Will SOL rise more? Will Toncoin make a comeback? Time will soon tell the answer.
