Very few cryptocurrencies witnessed a double-digit surge after the US election results were out. As the Dogecoin (DOGE) community reaped the benefits of Donald Trump’s win, Solana (SOL) investors followed suit. The asset’s latest rise has the market laying out ambitious bets towards $300.
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A Look Into the Solana Market
Like the rest of the market, Solana witnessed a massive spike over the past day. The asset jumped from a low of $162 to a high of $188, following a 15.24% surge throughout the last 24 hours. At press time, SOL was trading at $187.16, trying to reach the $200 zone.
Amidst this, Solana managed to overtake Binance’s BNB as the fourth-largest cryptocurrency. Earlier today, SOL’s market cap rose to a high of $88.18 billion, while BNB’s market value currently stands at $84 billion.
This increase follows a well-known Wall Street analyst’s prediction that the incoming government will approve SOL ETFs. Following the successful debut of Ethereum funds a few months ago, several businesses, including Canary Capital, VanEck, and 21Shares, have applied for a Solana ETF.
After Trump beat Kamala Harris in the election, Erick Balchunas, the head analyst for Bloomberg ETFs, joked in an X post that his chances of getting a SOL ETF approved increased to 20%.
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Is $300 Turning Into Reality?
According to data from CoinCodex, Solana will take long to achieve the $300 mark. The altcoin will trade at a maximum price of $219 later this year. But $300 seems to be out of reach for now.
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However, the firm suggested that SOL could move beyond $300 in April 2025. The asset will surge to $304 and even potentially hit $418 during the same month. However, if an ETF is approved in the next couple of months, $300 could be closer than CoinCodex’s prediction.
