- • Solana (SOL) witnessed a significant surge after Donald Trump’s win in the US elections, fueling speculation about the potential approval of a Solana ETF.
- • Solana managed to overtake Binance’s BNB to become the fourth-largest cryptocurrency by market capitalization.
- • While analysts predict Solana could reach $300 in April 2025, the approval of a Solana ETF in the near future could potentially accelerate its rise towards that price target.
Solana saw big gains after Donald Trump‘s election victory, fueling speculation that the asset could hit $300. An approval of a Solana ETF could provide further momentum. This article examines if $300 is within reach for Solana.
Recent Solana Price Action
Like the rest of the crypto market, Solana saw a massive spike after the election results. The asset jumped from $162 to $188, a 15% surge over 24 hours. At the time of writing, SOL was trading at $187, trying to breach the $200 level.
Amidst this rally, Solana overtook Binance Coin as the fourth-largest cryptocurrency by market capitalization. SOL’s market cap rose to $88 billion, while BNB stands at $84 billion.
Solana ETF Speculation
This price increase follows a prominent analyst’s prediction that the new administration will likely approve Solana ETFs. After the successful launch of Ethereum funds, companies like Canary Capital, VanEck, and 21Shares have applied for a Solana ETF.
Bloomberg’s Erick Balchunas joked that his chances of getting a SOL ETF approved increased to 20% following Trump’s victory over Kamala Harris. An SEC approval could provide further momentum for the Solana price.
Potential for $300 Solana
According to CoinCodex, Solana is unlikely to hit $300 this year, with a predicted high of $219. However, the firm suggested SOL could move beyond $300 in April 2025, potentially surging to $418.
If an ETF gets approved soon, $300 could arrive much faster than 2025. While ambitious, $300 remains a possibility if Solana keeps up its current growth trajectory.
Conclusion
Solana gained strongly after Trump’s election victory, fueled by speculation around an SEC approval of a Solana ETF. While $300 seems ambitious, it’s within reach if bullish momentum continues. An ETF approval could be the catalyst Solana needs to surge to $300 and beyond.
