Bitwise’s Hougan: Solana’s Setup Resembles Early Bitcoin Rally
Solana has been one of the top-performing large-cap cryptocurrencies in recent weeks, climbing 24% over the past month, and Bitwise CIO Matt Hougan believes the rally could be the start of a much bigger move.
“For the last 18 months, the winning formula in crypto has been clear — inflows into ETPs combined with corporate treasury demand have fueled massive gains,” Hougan said. “That’s what drove Bitcoin from $40,000 to over $110,000 and tripled Ethereum’s value. Now, the same conditions are forming for Solana.”
Seven firms, including Bitwise, Fidelity, Grayscale, and VanEck, have filed for spot Solana ETPs, with SEC rulings expected by Oct. 10. Even limited approvals could open the door for mainstream inflows.
Institutional buying is already emerging. Forward Industries (FORD), a small-cap public company, recently raised $1.65 billion from backers such as Galaxy Digital and Multicoin Capital to accumulate and stake SOL. The strategy, led by Multicoin’s Kyle Samani, echoes the high-profile Bitcoin treasury moves led by Michael Saylor at MicroStrategy.
Solana is also preparing for a major technical upgrade that will cut transaction finality from 12 seconds to just 150 milliseconds, keeping fees below one cent. Critics argue the chain sacrifices decentralization, but Hougan points to surging adoption: Solana ranks third in stablecoin liquidity, fourth in tokenized assets, and has seen asset volumes climb 140% in 2025.
With a market cap of $116 billion — far smaller than Bitcoin’s $2.2 trillion or Ethereum’s $519 billion — even modest inflows can shift Solana’s trajectory. Hougan highlighted that Forward’s $1.65 billion commitment is the equivalent of a $33 billion allocation to Bitcoin.
“Solana has the ingredients for another leg higher,” Hougan wrote. “Investors should be paying attention.”
