Week in Solana: Trump Election Win Makes SOL Soar and Flip BNB
Crypto Basics

Week in Solana: Trump Election Win Makes SOL Soar and Flip BNB

4m
Created 1mo ago, last updated 1mo ago

As the race for the White House came to a head this week, Solana endured a persistent downtrend from Oct. 31 to Nov. 5, losing approximately 14% amid pre-U.S. election market jitters.

Week in Solana: Trump Election Win Makes SOL Soar and Flip BNB

Table of Contents

TL;DR

  • SOL surged 15% on Trump's election win to $187
  • Solana Flipped BNB to become fourth-largest crypto asset
  • Q3 DApp investments hit $173M, highest since 2022
  • Three firms race for first U.S. Solana ETF approval
  • Solanda leads NFT space with 40% of daily users

Solana Numbers the Last 7 Days

As the race for the White House came to a head this week, Solana endured a persistent downtrend from Oct. 31 to Nov. 5, losing approximately 14% amid pre-U.S. election market jitters. However, in case you were too busy following the voting on social media or losing money on Pump.fun, $SOL staged a crazy comeback on election day, pumping more than 15% to erase the weekly losses and clip $187 at the time of writing.

The surge was fueled by an explosive increase in trading volume, which more than doubled (in 24 hours) to over $6 billion, highlighting an increased appetite for SOL. The reasons are simple:  with new president-elect Donald Trump being an outspoken proponent of crypto, we should see more favorable regulation in the U.S. from next year, which should likely put the debate about whether Solana is a security to bed. (It’s not.)

  • Price: $186.46, up 3.22%
  • Market cap: $87.84 billion
  • DeFi TVL: $6.326 billion
  • Daily active addresses: $5.7 million
  • 24H trading volume: $6.24 billion

How Did Solana Stack Up Against Its Competitors?

Solana cooked up impressive metrics in a standout week for crypto markets, maintaining its upward momentum while rivals like Ethereum and BNB lost ground over the seven days.

Solana Ecosystem the Last Week

It was predominantly a bearish week with declining market activity, but cryptocurrencies dramatically reversed their fortunes on Nov. 5.

The same story can be told for the entire Solana ecosystem where the weekly charts are ugly but the 24-hour figures post-election are music to traders’ ears. Most top Solana tokens saw double-digit gains on Nov. 5.

Top 7-Day Gainers:

  1. Raydium (RAY): +11.68%
  2. Solana (SOL): +3.22%

Top 7-Day Losers:

  1. Popcat (POPCAT): -13.83%
  2. Arweave (AR): -12.94%
  3. Helium (HNT): -11.06%

Solana DeFi

According to DeFiLlama, Solana now commands a significant 7.09% share of the DeFi landscape as it closes in on Tron's narrow lead in second place.
With more than $6 billion in total value locked (TVL), Solana is a major force to reckon with in the DeFi space. Its high liquidity depth and trading activity are reflected in the $1.6 billion daily DEX volume.

Data shows Solana is one of the most active networks, thanks to its loyal developer activity and high daily transaction count.

Solana Meme Coins

  • Solana meme coins showed mixed performance, ranging from huge gains to significant declines. However, all meme coins were up big on Election Day.
  • Retardio was the biggest winner with a +59.34% weekly gain, followed by Gigachad and michi.
  • Popcat and dogwifhat (WIF) attracted the lion's share of Solana-based meme coins’ 24H trading volume.

Solana DePIN

  • Despite most tokens losing momentum over the past seven days (with drops between 3-11%), they're all showing strong 24-hour gains (between 4-14%), DePINScan data shows.
  • XNET stands out as the anomaly here—it's the only token showing impressive weekly gains (+39%), while still following the daily upward trend like its peers.
  • Market leaders Render and Helium (with $1B+ market caps) are both down about 10-14% over the week.
  • AI protocol Nosana (NOS) boasts an impressive +94% monthly gain.

NFTs

According to NFT Pulse, Solana is currently dominating the NFT space, commanding over 40% of daily users and nearly 38% of weekly users. No other chain comes close!
It has almost double the weekly users of Base (its closest competitor) and more than double Ethereum's numbers.

Top 5 Solana News Stories

Big Money Floods Back to Solana

Institutional confidence in Solana is back in business, with DApp investments reaching $173 million in Q3—the highest since 2022's peak.

Despite fewer funding rounds, 29 Solana projects secured this massive institutional backing, showing that big investors are making bigger bets on the ecosystem's future.

Race Heats Up for First Solana ETF Approval

Canary Capital joins VanEck and 21Shares in the rush to launch America's first spot Solana ETF, filing with the SEC to track SOL prices through the CME index.
View post on Twitter

Solana Flips BNB!

Solana has overtaken BNB to become crypto's fourth-largest asset, riding a wave of market optimism triggered by Trump's strong showing in election projections.

Solana Leads in DEX Volume

Solana became the dominant chain for DEX trading volume in October, grabbing 27% of the market share.

PYTH ETN Expands Solana's Reach in Europe

VanEck has launched an Exchange Traded Note (ETN) tracking Solana-based oracle PYTH. Trading on major exchanges in Amsterdam and Paris, the ETN allows European investors to gain exposure to Solana's ecosystem without directly handling crypto assets.

What You Can Do Now

  1. See which Solana-based DApps are attracting smart money.
  2. Watch closely if and when the first Solana ETF will be approved in the U.S.
  3. Closely monitor Solana’s price action after it flipped BNB.
  4. Keep an eye on Solana’s projects as the layer-1 network leads on DEX volume.
  5. Stay on top of Solana’s exploding DeFi ecosystem.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article