Solana’s SOL jumped 17% in the last 24 hours as Donald Trump’s lead in the U.S. election renewed expectations for an exchange-traded fund (ETF) approval for the token soon.

“Markets are still heavily mispricing a republican sweep, and the upside for the industry is likely much higher than previously anticipated,” said Syncracy Capital co-founder Daniel Cheung on X. “SOL ETF likely happens in Q1 2025, putting SOL in a position to flip ETH and even trade at $1000.”

Rennick Palley, founding partner at crypto venture fund Stratos, noted that SOL was seen as “poised to be the next token with an ETF.”

In July, the Cboe filed with the SEC to list VanEck's and 21Shares' potential spot Solana ETFs, which were first submitted in late June.

SOL recently surged past $185, reaching a market cap of over $85 billion, making it the fourth-largest token by market cap, surpassing BNB.

BTC rose 8.4%, while ETH added 6% during this period, according to Coingecko data.

Trump's growing electoral strength is viewed positively for the crypto industry's long-term growth, with expectations for a more favorable regulatory atmosphere under his administration.