Solana (SOL) jumped to a seven‑month high this week, topping $224 after a roughly 4% intraday gain and marking a 25% rise over the past 30 days — the strongest performance among the top 10 tokens by market cap.
Bitwise Chief Investment Officer Matt Hougan says the token has the ingredients for what he called an “epic end‑of‑year run.” In a weekly memo, Hougan highlighted a repeatable pattern that has driven strong crypto returns lately: steady inflows from exchange‑traded products (ETPs) or spot ETFs combined with large corporate or treasury purchases of digital assets.
That pattern is already emerging for Solana. Public companies building Solana treasuries — including Upexi and DeFi Development Corp. — have acquired more than $400 million each in SOL this year. On top of that, Forward Industries announced a $1.65 billion PIPE raise with plans to seed a large Solana treasury; if it uses just over a quarter of those proceeds on SOL, it could create the largest publicly traded SOL treasury to date. Forward will be led by early Solana backer and Multicoin Capital co‑founder Kyle Samani.
Potential spot Solana ETFs are another near‑term catalyst. The SEC is weighing several spot ETF filings that reference SOL from issuers including Bitwise, Canary Funds, and 21Shares. While approvals aren’t guaranteed, observers have pointed to a growing chance that issuers could win green lights in 2025 — a development that would channel new, more institutional capital into SOL.
Why readers should care: Solana’s market cap is smaller than Bitcoin and Ethereum, so relatively modest flows can move prices meaningfully. Hougan underscored this scale effect: a $1.6 billion SOL purchase would have an outsized impact compared with the equivalent move in BTC.
Risk note: ETF approval and treasury accumulation are supportive signals but not guarantees. Solana remains volatile — investors should weigh the upside potential against rapid price swings and regulatory uncertainty.
Currently SOL trades about 24% below its January all‑time high of $293.31 (CoinGecko). Markets such as Myriad have also lifted odds of a new all‑time high, reflecting increased trader optimism.
Source: Decrypt. Read the original coverage for full details.
