Solana (SOL) Rallies Hard to Become the Fourth-Largest Crypto by Market Cap, Community Anticipates Spot SOL ETF Under Trump Administration

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.

Donald Trump’s victory in the presidential election has sparked enthusiasm within the crypto community, particularly regarding the potential approval of a spot Solana exchange-traded fund (ETF). Several asset managers, including Canary Capital, VanEck, 21Shares, and reportedly Franklin Templeton, have filed applications with the Securities and Exchange Commission (SEC) to launch the ETF.

Meanwhile, Solana (SOL) price continues to rally, hitting a fresh all-time high and ranking fourth among cryptocurrencies by market capitalization, surpassing BNB Coin. The altcoin has surged more than 17% in the last 24 hours.

Solana Price to Hit $1000, SOL ETF in Q1 2025 – Syncracy Capital

Following Trump’s victory on Tuesday, many analysts also anticipate the victory to open the doors for several other crypto ETFs in the market.

In a post on the X platform, Syncracy Capital co-founder Daniel Cheung shared his thoughts on the markets still heavily mispricing a Republican sweep. He also commented on the potential upside for the crypto industry, which is now expected to be much higher than previously anticipated.

According to Cheung, a SOL ETF is likely to happen in Q1 2025, positioning Solana to flip Ethereum and even trade at $1000.

"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."

Cheung further added, "Solana ETF approval is inevitable – CNF"

Solana Price Analysis: Key Technical Levels To Watch Out For

On the daily technical chart, Solana price is showing strength forming an inverse head and shoulders pattern. At press time, SOL price is trading at $186.77, above its key resistance levels of $183. The SOL token has formed a golden cross, with the 50-day and 200-day moving averages crossing above each other. Moreover, the Relative Strength Index (RSI) has surged to 65.

The short-term price forecast for Solana suggests continued upward movement, with a potential retest of the year-to-date high at $210, representing a 15% increase from the current level. A breakout above this price could signal further gains, potentially reaching $300.

In a recent X post, TraderKox, with 130,000 followers, shared his Solana price prediction, forecasting a bullish breakout after an eight-month consolidation. He anticipates the coin could surge to $500, representing a 169% increase from its current price.

$SOL

One of the absolute best looking charts out there

We are getting a breakout from 8 months of consolidation

LINING UP WITH TRUMP WINNING THE ELECTION. SEND IT TO $500 pic.twitter.com/hg7mmCmn4V

— TraderKoz (@TraderKoz) November 6, 2024

Solana price is seen rallying over the past few days, hitting a fresh all-time high and ranking fourth among cryptocurrencies by market capitalization after surpassing BNB Coin. The altcoin is up by more than 17% in the last 24 hours.

Solana price has seen a bullish breakout from a "bull pennant" formation on the lower timeframes, aiming to rally another 15% to hit $210. Trader Kox, who has over 130,000 followers on X, is bullish on Solana, anticipating a bullish breakout after eight months of consolidation, targeting $500.

Solana price has seen $5.7 Million in inflows from institutional investors recently, sparking a rally among other altcoins. On the other hand, Bitcoin price is up 4% in the last 24 hours and is trading above $72,000.