The probability of a Solana ETF looks increased after the U.S. election, says Bloomberg analyst Eric Balchunas. According to him, Donald Trump's expected victory offers room for Altcoin ETFs to break through. "A Trump victory will at least give Altcoin ETFs a chance to gain approval," said Balchunas, who has been proven right with previous predictions on Bitcoin and Ethereum ETFs before.

Our Solana ETF approval odds are now up to 20%. J/k we’re not doing this rn. that said for sure a Trump win def gives alt coin ETFs a lot least a fighting chance of approval. https://t.co/TcjKxR1Chk
— Eric Balchunas (@EricBalchunas) November 6, 2024

Pro-crypto climate rises chance of Solana ETF

The growing likelihood of a Solana ETF is related to Trump's pro-crypto stance and the newly elected U.S. Senate, which now includes more than 219 pro-crypto politicians. A Solana ETF could significantly boost the price performance of this so-called "Ethereum killer." In the past year, Solana has already risen nearly 360 percent and the currency now stands at $181. The record level of $260 is thus only 30 percent away.

XRP followers also hope for ETF

Ripple supporters are also anxiously watching the possible approval of an XRP ETF. Asset manager Bitwise and investment firm Canary Capital have already filed applications. Currently, only two crypto index funds have been approved in the U.S., for Bitcoin and Ethereum. Although the BTC funds are enjoying great success, capital is lagging behind ETH ETFs.

Future perspective: when altcoin ETFs?

While prediction is high, it remains unclear exactly what is required for Altcoin ETFs to be approved. Analysts are closely monitoring the situation to determine when the market can expect a new spot ETF.