Bitwise says Solana next to hit fresh highs as institutional adoption wave matures

Bitwise Chief Investment Officer Matt Hougan said Solana could soon set new all-time highs, mirroring Bitcoin and Ethereum’s record runs earlier this year.

Hougan argued that SOL is set to benefit from the same forces that propelled BTC and ETH to new highs this cycle, namely exchange-traded fund (ETF) inflows, large capital firms entering the market, and simple, compelling narratives that resonate with investors.

He wrote in a social media post:

“The formula is simple: ETF fund flows + fund companies + a simple story = all-time highs. It applies to Bitcoin, it applies to Ethereum, it applies to Solana.”

Path to institutional adoption

Solana, a blockchain known for its high-speed processing and low transaction costs, has seen increasing developer activity across payments, gaming, and consumer-facing applications.

The network’s efficiency has helped position it as a potential alternative to Ethereum for decentralized applications, fueling speculation about the eventual approval of a spot Solana ETF in the US.

So far, Bitcoin and Ethereum ETFs have funneled billions of dollars into the market, with Bitcoin funds alone surpassing gold ETFs in daily volumes this summer.

Given its growing market capitalization and expanding ecosystem, many view Solana as the next logical step for institutional product offerings.

Hougan’s comments add weight to that view, suggesting that once fund vehicles are established, Solana could follow the same trajectory as its larger peers.

Outlook evolving

Bitwise has taken a long-term bullish stance on Solana, projecting in a detailed January report that the token could reach between $2,300 and $6,600 by 2030, depending on adoption scenarios. The firm based its estimates on Metcalfe’s Law, linking network growth to valuation.

To support investor access, Bitwise also launched a Solana Staking ETP in Europe, offering exposure to SOL with integrated staking rewards and signaling confidence in the blockchain’s scalability and growing ecosystem. It is also looking to launch a spot Solana ETF in the US, but the SEC has so far delayed its decision on the applications.

While the firm remains optimistic about Solana’s long-term role alongside Bitcoin and Ethereum, it has been more cautious on near-term price outlooks until now. Bitwise previously said it was unsure if SOL would reach new highs this year and called Bitcoin the “best horse in the race.”

This mix of ambitious long-range forecasts and tempered short-term expectations reflects Bitwise’s view of Solana as a high-potential but still maturing asset.

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