Solana Surges, Flips BNB in Market Cap as US Elections Project Trump Presidency Win
Crypto markets rally as Trump’s lead sparks optimism for a pro-crypto administration, with Solana and meme coins hitting record highs.
Solana has ascended to the fourth-largest cryptocurrency by market cap, surpassing BNB, as early projections from the US presidential election indicate a win for Donald Trump. The crypto market has been watching the election closely, given its significance for the future of digital assets in the United States. This election has stirred notable interest among crypto traders, as many believe it will shape regulatory policy. Trump is known for his supportive stance on cryptocurrencies, which is in contrast to the SEC’s strict approach under Biden.
As reports emerged projecting Trump’s lead in the popular vote and potential victory, the market responded immediately. Bitcoin rallied, breaking through its prolonged range to reach a new all-time high. Solana also gained traction, with analysts attributing the surge to expectations of an SOL ETF approval under the Trump administration. SOL prices soared 16% in the last 24 hours, marking the asset’s new all-time high against Ethereum, as the SOL/ETH trading pair rose 7.9%.
The broader Solana ecosystem has also rallied, driven largely by the performance of meme coins. Solana’s meme coin market cap hit a record $12.8 billion, with $PNUT emerging as the most traded Solana-based meme coin, recording an impressive $102 million in on-chain trading volume within the last day.
The bullish sentiment has led to widespread liquidations in the derivatives market. Over $21 million in SOL short positions were liquidated in the past 24 hours, with crypto-wide liquidations reaching a total of $500 million, $347 million of which stemmed from short positions.
In a broader victory for crypto advocates, preliminary election data from the grassroots campaign Stand with Crypto shows that 215 pro-crypto representatives and 14 pro-crypto senators have been elected, potentially forming the most crypto-supportive Congress to date. Voters have strongly preferred candidates with favorable views on digital assets.
As the crypto market responds to early election projections, final results have yet to be confirmed. It will be interesting to see how the market reacts if Trump’s victory is officially announced, potentially solidifying a pro-crypto stance in the White House and shaping the future of digital assets in the United States.