1. To have expectations that are tied to the success, performance, etc., of a particular person or thing. Why are we setting our hopes on him when we know he's not popular enough to defeat the incumbent? I had built my hopes on this promotion and was crushed when I didn't get it.

2. To be resolutely determined in or extremely hopeful of obtaining, experiencing, or accomplishing something. I know my daughter has set her hopes on getting one of those popular dolls for Christmas, but I couldn't find one anywhere. When we started this campaign, we set our hopes on raising a few thousands dollars just to cover Daniel's medical expenses. Never in my wildest dreams did I think we'd raise close to a quarter of a million dollars!