Solana Price Surpasses Bitcoin: Here's the Reason Behind This Huge Rally!

Bittime - The crypto market recorded a tremendous rise in the last few days. Although the market's main focus is still on Bitcoin, which has almost reached $90,000, other altcoins such as Solana are showing a more brilliant performance. 

In the past week, Solana recorded a gain of more than 36%, outperforming Bitcoin. Read this article to find out more!

Solana Price Surpasses Bitcoin

Solana, currently the fourth largest crypto asset with a market capitalization of more than $102.5 billion, has now broken through to $200 per token. 

This price increase provides a sign that Solana may still have the potential to continue rising, driven by positive market sentiment. 

With its strong performance, Solana has managed to become the center of attention among other altcoin tokens that are also experiencing positive trends.

Read Also: SEC Delays Approval of Solana ETF: What Are the Implications?

Positive Market Sentiment, Solana Price Rises

Positive sentiment in the market is the main factor supporting Solana's price increase. The election of Trump as the new president and his support for crypto assets created an optimistic atmosphere among investors. 

During the campaign, Trump attended a Bitcoin conference and promised to be the first “Bitcoin President,” hinting at potential deregulation in the crypto industry.

Additionally, many speculate that the current SEC Chairman, Gary Gensler, who often clashes with crypto companies, will soon be replaced. 

With a new pro-crypto leader, it is hoped that regulations that are friendlier to the crypto industry can be realized.

Price Solana Rises, Dubbed “Ethereum Killer”

Since its launch in 2020, Solana has been known as a blockchain that can compete with Ethereum thanks to its efficiency. 

Solana works with a proof-of-stake protocol, which supports DApps and offers higher transaction speeds than Ethereum. Because of these advantages, Solana is nicknamed the Ethereum killer. 

Even though its market capitalization is only a quarter of Ethereum, Solana remains at the top as one of the most influential crypto projects.

Price Solana Rises, Potential Solana Spot ETF Approval 

Apart from positive market sentiment, there is one other important factor driving Solana's price increase, namely the possible launch of a spot Solana ETF on US exchanges. 

Last July, Cboe submitted an application to the SEC to allow the launch of the Solana ETF, which was proposed by two ETF issuers, namely VanEck and 21Shares. Both companies have submitted S-1 documents.

If the SEC approves a Solana spot ETF, it would be a huge boost for Solana, similar to the impact that occurred with the launch of a spot Bitcoin ETF in the US. 

With a possible leadership change at the pro-crypto SEC, approval of a spot Solana ETF in the US is increasingly likely, and would provide liquidity and broader exposure to Solana.

Read Also: SOL Price Analysis and Prediction after Solana ETF is Approved

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