For instance, the top coin, Bitcoin (BTC), surged to a new record high above $86,500 on Nov. 11, while Ethereum (ETH)—Solana’s top blockchain rival—crossed above $3,550 for the first time since August 2024.

SOL Price Eyes $600 in the First Year of Trump Presidency: MV Global Survey

During his electoral campaigns, Trump signaled a more favorable stance toward the crypto industry, including the potential appointment of a pro-crypto head for the U.S. Securities and Exchange Commission (SEC).

The SEC approved spot Bitcoin and Ethereum exchange-traded funds (ETF) in 2024 after deeming their native assets, BTC and ETH, commodities. However, the agency named Solana’s native token SOL as security in its July 2023 lawsuit against crypto exchange Coinbase, casting doubts on the potential approval of a spot SOL ETF is being approved.

Jacob Laufer, Chief Growth Officer at M^0, highlighted that optimism around potential regulatory clarity and approval of spot Solana ETFs has fueled bullish sentiment. A more crypto-friendly administration could enhance Solana’s appeal to institutional investors, complementing its strong retail interest.

Furthermore, a survey conducted by MV Global found that 30% of respondents expect SOL to exceed $600 before the next market cycle ends in 2025, while 44% of surveyed investors anticipate a market peak in the latter half of that year.

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