Solana Surges on Trump Win, Eyes ETF Potential

Solana (SOL) surged to $188 on Wednesday, reaching its highest price in six months after Donald Trump’s recent election victory spurred optimism across the crypto market. The 3.4% increase in Solana’s price over the past 24 hours pushed its market cap to over $88 billion, overtaking BNB to become the fourth-largest cryptocurrency, according to CoinGecko.

With Trump’s return to the Oval Office, crypto investors are hopeful that his administration will foster a more favorable regulatory environment. Many see this as an opportunity for the potential approval of a Solana exchange-traded fund (ETF) in the U.S., which could further boost Solana’s appeal and market position.

Trump’s Pro-Crypto Stance Fuels Market Optimism

Trump’s stance on digital assets has consistently aligned with pro-crypto policies, creating high expectations among crypto enthusiasts. Throughout his campaign, he pledged to support the crypto industry by reducing regulations and advocating for U.S.-based crypto mining.

“Donald Trump’s victory signals a potentially more favorable regulatory environment for the crypto industry,” said Balaji Srihari, Business Head at CoinSwitch. “This could soften the SEC’s stringent stance on assets like Solana and open the door for ETF approval.”

Srihari further explained that while Trump’s leadership could smooth the path, Solana’s ETF approval still hinges on a complex regulatory framework. The SEC’s current classification of Solana as a security complicates matters, requiring the asset to meet anti-money laundering (AML) and know-your-customer (KYC) standards and secure custody protocols.

Strong Fundamentals Position Solana for Growth

Anmol Singh, Founder of Zeta Markets, highlighted Solana’s potential in light of Trump’s pro-crypto agenda, citing the network’s solid fundamentals. “Solana stands as a front-runner to benefit from these windfalls due to the masses of users, vibrant base of capital, and its battle-tested protocols,” he said. “It has a strong opportunity to move alongside BTC and ETH, especially if it gains ETF approval.”

Although Trump has suggested firing SEC Chair Gary Gensler—widely known for his stringent crypto regulations—U.S. presidents lack the authority to directly dismiss federal agency heads. Still, analysts speculate that a Gensler exit could lead to the appointment of a new SEC chair with a more supportive approach to digital assets like Solana.

A Path Toward ETF Approval?

Approval for a Solana ETF remains complex but potentially more achievable under a Trump administration. Many in the crypto space view an ETF as a major milestone that could legitimize Solana further, attracting more institutional capital and solidifying its standing as a top crypto asset. As Solana’s market momentum continues, the crypto community remains hopeful for regulatory changes that could drive the network’s growth into the mainstream.