Solana
Analyst Says Trump Reelection Could Drive SOL ETF
Since the United States Securities and Exchange Commission (SEC) approved a Ethereum Spot ETF Last month, all eyes were on what the next cryptocurrency could be. Subsequently, the market observed a multitude of potential candidates. However, Solana has become a favorite, with one analyst noting that the election of Donald Trump could lead to a Spot SOL ETF.
Trump has consistently expressed his willingness to welcome an increased presence of digital assets in the United States. This perspective reversed the prevailing trend of Capitol Hill opposing industry progress in the country. Subsequently, his possible ascension to the White House could have considerable consequences for the regulation and importance of this asset class in the United States.
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Could Donald Trump open the door to a Solana ETF?
The digital asset market has become one of the most important topics as the 2024 presidential elections approach. With the approval of two crypto-based ETFs this year, there is no denying the growing interest from US investors for the market. However, the current infrastructure might not support the continued implementation of crypto investment offerings.
Yet since Ethereum followed Bitcoin as the newest crypto ETF, all eyes are on the next one. CNBC recently noted that Solana was one of the favorites, calling SOL one of the “big three of this cycle,” alongside BTC and ETH.
Conversely, the political landscape still hinders any progress towards a possible ETF for this asset. But amid the hype around Solana, one analyst predicted that Donald Trump’s re-election could lead to a SOL ETF.
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Talk to CoinTelegraph, Bloomberg’s Erich Balchunas noted that Trump would be extremely important for the industry. Specifically, Balchunas said: “If Trump wins, we could see other coins like ETFS, in my opinion.”
Although the application process would certainly be long, Solana appears to be the favorite. Blockchain has become a widely adopted network among institutions and has continued to increase its presence through collaborations.
This effort could make it a natural fit to enter the ETF space. Hopes are already high for SOL’s performance over the coming months, but such a development would significantly increase its value. Currently, SOL is trading at $170, according to CoinMarketCap. Additionally, it has increased by more than 9% in the last 30 days.