Solana has been outperforming major cryptocurrencies recently, up 24% over the past month, and Bitwise CIO Matt Hougan argues that setup could presage a much larger rally into year-end. Hougan points to three converging catalysts: spot ETP filings, large corporate-style treasury buys, and a protocol upgrade that dramatically speeds transaction finality.
Seven major asset managers — including Bitwise, Grayscale, Fidelity and VanEck — have filed to launch spot Solana ETPs. The U.S. Securities and Exchange Commission is expected to rule by October 10; approval of even a few products would make buying SOL as simple as buying a stock for many retail and institutional investors, potentially unlocking a new demand channel.
On the corporate side, a surprising development: microcap Forward Industries announced it raised $1.65 billion from crypto firms like Galaxy Digital, Jump Crypto and Multicoin Capital with a clear playbook — buy SOL, stake it, and turn the token into a revenue-generating line on a public balance sheet. That kind of visible treasury accumulation can change market dynamics in a way similar to past corporate buys of Bitcoin and Ethereum.
Technically, Solana’s selling point remains speed and low cost. A forthcoming upgrade will slash transaction finality from about 12 seconds to roughly 150 milliseconds, while fees remain below a cent. Supporters say this single-chain design is what makes Solana uniquely suited for high-volume use cases like tokenized assets and global stablecoin rails.
Growth indicators also matter: Solana ranks high in stablecoin liquidity and tokenized assets, and on-chain asset volume has climbed substantially this year. But the network’s design carries trade-offs — critics warn of greater centralization risks and potential single-point failures, a legitimate consideration for builders and investors alike.
With a market cap near $116 billion, Solana is still far smaller than Bitcoin or Ethereum, meaning comparatively modest inflows can have outsized price effects. That amplifies upside but also increases volatility — a reminder that opportunity and risk move together.
Bottom line: the pieces Hougan outlines — ETP access, large treasury buys, and a major speed upgrade — create a plausible bull case. Investors should watch developments closely and consider the balance of potential rewards against the technical and market risks.
Source: CoinDesk. Read the original coverage for full details.
