In the lead-up to the U.S. presidential elections, significant price fluctuations are anticipated in the cryptocurrency market, particularly for Bitcoin (BTC) 
$80,197 and Solana 
$89 (SOL). Markus Thielen, founder of 10x Research, has recommended that traders take long positions in BTC and short positions in SOL during this volatile period. He noted that this strategy offers protection against market conditions that may shift based on election outcomes.
Impact of Election Results on ETF Approvals
Thielen believes that the election results could also influence the future regulatory processes for cryptocurrencies. If Democrat Kamala Harris emerges victorious, the likelihood of approving exchange-traded funds (ETFs) based on altcoins like SOL is expected to decrease. In this scenario, Solana’s value could drop by approximately 15%.
Conversely, Bitcoin’s price is anticipated to experience a more limited decline of around 9%. Should former President Donald Trump win the election, Thielen predicts a price increase of about 5% for Bitcoin, Ethereum (ETH) 
$2,303, and Solana. He added that Trump’s crypto-friendly policies might positively impact ETF approvals, leading to increased market expectations.
Declining Transaction Fees Signal Trouble for Solana
Additionally, Thielen emphasized that the decline in daily transaction fees on the Solana network could pressure the price of SOL. Daily transaction fees, which recently peaked at $5 million on October 24, have fallen to around $2.5 million. Thielen indicated that this downward trend could harm Solana’s value, as historical data shows that decreasing transaction fees tend to create price pressure.
Lastly, despite companies like VanEck, 21Shares, and Canary Capital submitting ETF applications based on Solana to the U.S. Securities and Exchange Commission (SEC), no spot ETF approval for SOL has yet been granted.
