Bitwise CIO Matthew Hougan Labels Solana ‘the New Wall Street’
Solana is emerging as a standout blockchain for investors, with Bitwise CIO Matthew Hougan calling it “the new Wall Street” due to its speed, throughput, and near-instant finality.
In a conversation with Solana Labs’ Akshay Rajan on Oct. 2, Hougan highlighted growing recognition among global financial leaders—including the SEC, the Bank of England, and BlackRock’s CEO—of the transformative potential of stablecoins and tokenized markets. He noted that investors attuned to these changes appreciate the scale of disruption blockchain technologies could bring to payments and securities markets.
Hougan emphasized that when evaluating blockchain platforms, comparisons are inevitable. Solana, he said, stands out for its improvements in settlement speed—from 400 microseconds to 150 microseconds—paired with high throughput, making it “extraordinarily attractive” to market participants who value low-latency execution.
Describing Solana as “the new Wall Street,” Hougan predicted that the blockchain’s technical advantages will drive substantial capital flows as the narrative resonates with both institutional and retail investors.
Technical Analysis of SOL
According to CoinDesk Research, during the 23-hour session from Oct. 3 at 15:00 UTC to Oct. 4 at 14:00 UTC:
- SOL traded within a narrow $8.40 range, between $228.19 and $237.04, reflecting consolidation.
- The session high of $237.04 occurred around 16:00 UTC on Oct. 3, before selling pressure pushed the price toward $228–$229 support.
- Trading volume peaked early at 3.29 million units around 17:00 UTC, declining to 42,637 units by the close, suggesting weakening participation.
- In the final 60 minutes (13:11–14:10 UTC, Oct. 4), SOL broke below the $228–$229 support, dropping from $229.84 to $228.94 (0.39%), signaling a bearish shift.
- Within this period, an early rebound reached $229.78 at 13:38 UTC, followed by renewed selling to $228.72.
- The breakdown coincided with a volume surge, with the busiest one-minute interval at 14:01 UTC trading 18,011 units, suggesting larger sellers were active and increasing the likelihood of continued downward momentum.
Hougan’s insights, paired with SOL’s technical patterns, highlight Solana’s appeal as a high-performance blockchain while signaling short-term caution as consolidation and selling pressure unfold.
