Solana (SOL) Surpasses BNB Chain with a 17% Surge as Trump’s Lead Boosts Crypto ETF Expectations
The post Solana (SOL) Surpasses BNB Chain with a 17% Surge as Trump’s Lead Boosts Crypto ETF Expectations appeared on BitcoinEthereumNews.com.
Digital asset managers, including Canary Capital, VanEck, and Franklin Templeton, are pushing for a spot Solana ETF, with filings already made to the SEC. Solana’s price shows bullish momentum, supported by technical patterns like the inverse head and shoulders and a golden cross. Following Donald Trump’s victory on Tuesday, November 5, Bitcoin and the broader crypto market rallied hard with BTC hitting a fresh all-time high. Within the altcoin space, Solana (SOL) outperforms its peers with more than 17% gains in the last 24 hours, surging all the way to become the fourth-largest crypto by market cap while toppling BNB Coin. The victory of Donald Trump has got the crypto community talking about the potential arrival of a spot Solana ETF under the Trump administration. Many analysts believe that also believe that it will open the doors for several other crypto ETFs in the market. In a post on the X platform, Syncracy Capital co-founder Daniel Cheung said: Markets are still heavily mispricing a republican sweep and upside for the industry is likely much higher than previously anticipated. SOL ETF likely happens in Q1 2025 putting SOL in a position to flip ETH and even trade at $1000. Digital asset manager Canary Capital has filed with the Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF). Submitted on October 30, Canary’s filing positions it among major asset managers, including VanEck and 21Shares, who are also exploring similar Solana-focused ETFs. Additionally, Franklin Templeton is reportedly considering a spot SOL ETF launch as well. On the other hand, asset manager VanEck also believes that the approval of spot Solana ETF is inevitable, reported CNF. Solana (SOL) Price Action Ahead On the daily technical chart, the Solana price is showing strength forming an inverse head and shoulders pattern. As…
Filed under: News - @ November 7, 2024 2:19 am