Solana soars 17% with Trump victory; SOL now fourth largest cryptocurrency

In a very positive upward movement in the ecosystem Solana, its native cryptocurrency, SOL, has seen impressive growth over the past 24 hours amid the political landscape in the US, which is benefiting the cryptocurrency market today, with several assets setting new highs.

In this sense, the cryptocurrency Solana (SOL) shot up 17% in its price in the last 24 hours influenced by victory of former US President Donald Trump, who defeated his opponent and current vice president, Kamala Harris, in the presidential election. Trump's victory was declared by the Associated Press and several media outlets, with 277 electoral votes — and more still to be confirmed.

Solana’s price surge has seen the asset reach a market cap of $87,5 billion and surpass Binance Coin (BNB) to become the fourth-largest cryptocurrency. At press time, Solana’s price was trading at $185,96, up 14.4% in the past 24 hours.

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Additionally, SOL volume has seen a significant increase over the past day. Solana (SOL) trading volume is $11.757.190.408 in the past 24 hours, representing a 240,10% increase from a day ago and signaling a recent surge in market activity.

Solana’s explosive growth, fueled by Donald Trump’s recent election victory, has sparked anticipation in the cryptocurrency community for a future approval of a spot Solana-based exchange-traded fund (ETF).

The cryptocurrency market is experiencing several price explosions today amid the political context in the United States. As Trump nears his return to the White House for a second term, expectations for pro-crypto policies in the United States are rising in the cryptocurrency community. These expectations have been fueled by the candidate’s recent positive comments related to cryptocurrencies. Contrary to the hostile stance of the Biden Administration, during this election Trump has shown himself to be favorable to the crypto industry, making several promises of support for the sector, including stating that he would fire Gary Gensler from the US Securities and Exchange Commission (SEC).

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