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Can Solana Match Bitcoin and Ethereum’s Historical Gains?
Solana (SOL) is positioned for a potential end-of-year rally as institutional interest and corporate treasury accumulation set the stage for what Bitwise Chief Investment Officer Matt Hougan describes as “Solana season.” In a recent memo, Hougan argued that the combination of exchange-traded product (ETP) inflows and corporate purchases could drive significant price gains for SOL.
Historical Precedents Suggest Opportunity
Hougan pointed to Bitcoin (BTC) and Ethereum (ETH) as examples. Bitcoin surged from $40,000 in January 2024 to nearly $125,000 later that year, while Ethereum tripled from April 2025 to its August peak near $5,000. During these periods, the Bitcoin network mined 322,681 BTC, while ETPs and corporations acquired over 1.1 million BTC; Ethereum saw 388,568 ETH mined and 7.4 million ETH purchased. Hougan emphasized, “It’s classic supply and demand—when demand exceeds supply, prices typically go up.”
Solana’s Unique Position
Solana’s ecosystem is drawing attention for its speed, low costs, and programmability, particularly for stablecoins, tokenized assets, and DeFi. Transactions finalize in milliseconds at under a cent, offering an advantage over Ethereum and eliminating the need for Layer 2 solutions. Despite criticisms about centralization, Solana ranks third in stablecoin liquidity, fourth in tokenized assets, and has seen a 140% increase in tokenized AUM this year.
ETF Filings and Corporate Treasury Moves
Several firms, including Grayscale, VanEck, Franklin Templeton, Fidelity, Invesco/Galaxy, Canary Capital, and Bitwise itself, have filed for spot Solana ETFs in the U.S., with SEC decisions expected by October 10. Additionally, Galaxy Digital, Jump Crypto, and Multicoin Capital pledged $1.65 billion to Forward Industries, a new Solana treasury company that will acquire and stake SOL. Multicoin co-founder Kyle Samani will chair Forward, aiming to promote Solana publicly, similar to Michael Saylor for Bitcoin.
Small Market, Big Potential Impact
Hougan notes that Solana’s market cap of $119.4 billion is far smaller than Bitcoin ($2.2 trillion) or Ethereum ($522.6 billion), meaning that relatively modest inflows could significantly influence SOL’s price. Forward Industries’ $1.65 billion SOL purchase could have an effect comparable to a $33 billion Bitcoin buy, tempered by Solana’s higher annual inflation of 4.3%.
“The setup is still attractive,” Hougan concluded. “Keep your eye on Solana in the coming months.”
