The post Solana Rises, Toncoin Falls: Crypto Market Sees Major Moves appeared first on Coinpedia Fintech News
Solana made a big leap, climbing 17% to hit $188. This pushed it above Binance Coin (BNB), making it the fourth-largest cryptocurrency by market cap. On the other side, Toncoin’s ranking slipped, moving down from the 9th to the 11th spot. So, with SOL gaining and Toncoin struggling, what’s behind the scenes here?
SOL Gains Amid Potential ETF Hopes
There’s a lot of chatter that SOL’s recent boost might be linked to political factors in the U.S. With former President Donald Trump leading in polls, a crypto-friendly administration could be back on the cards, some believe. If so, Solana could be in line for an ETF approval, a move that would open new doors for the token. Syncracy Capital’s Daniel Cheung even hinted that a favorable outcome in the elections could eventually push SOL close to the $1,000 mark. That’s quite an optimistic view, but it’s caught the attention of investors.
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Toncoin’s Fall—A Temporary Setback?
Unlike Solana, Toncoin hasn’t had the same fortune recently. It fell two spots in CoinMarketCap’s rankings, facing a 6.75% drop in value over the past week. More interestingly, the trading volume of Toncoin has spiked over 50% in the past 24 hours. This shows that the activities around The Open Network have not slowed down completely. While the price dropped, the trading volume increased, showing investors are taking their positions in the crypto.
What to Expect for SOL and Toncoin
Now that Trump has claimed the throne in the US, the community is eagerly waiting for new reforms to help crypto space. Solana’s performance and possible ETF approvals could spark more excitement. For now, SOL lies at $182.74 after facing a 4% rejection from $188. On the other hand, Toncoin though currently down might just need a spark and it might be in the form of some new telegram app like Paw. Will SOL rise more and could Toncoin make a comeback, time will tell us soon.