“Bitwise says Solana could be primed for a major upswing: ‘The setup is all there.’”

Solana Poised for Breakout as ETF Decisions, Treasury Buys, and Upgrade Converge: Bitwise

Solana’s 24% rally over the past month may just be the start of a bigger move, according to Bitwise CIO Matt Hougan, who sees conditions aligning much like Bitcoin’s breakout run in recent years.

“The playbook has been clear: combine spot ETP inflows with strong treasury allocations, and you get outsized returns,” Hougan said. He noted that this dynamic propelled Bitcoin from $40,000 to current highs and tripled Ethereum’s price — and the same setup is forming for Solana.

Seven asset managers, including Bitwise, Grayscale, Fidelity, and VanEck, have filed for spot Solana exchange-traded products, with SEC decisions due by October 10. Approval could open the door for mainstream retail and institutional buying.

Corporate adoption is also building. Microcap Forward Industries (FORD) secured $1.65 billion in backing from Galaxy Digital, Jump Crypto, and Multicoin Capital to purchase and stake SOL. Multicoin co-founder Kyle Samani will lead the effort, with Hougan comparing his influence on Solana to Michael Saylor’s role in Bitcoin.

Meanwhile, a major Solana upgrade will slash transaction finality from 12 seconds to just 150 milliseconds, while fees remain under a cent. That speed advantage could cement Solana’s role in powering tokenized assets and stablecoins at scale.

Though critics argue Solana’s structure is more centralized, Hougan points to rapid adoption: it now ranks third in stablecoin liquidity and fourth in tokenized assets, with volumes up 140% this year.

At a $116 billion market cap, Solana remains small enough for inflows to have an outsized impact. Hougan noted that Forward’s $1.65 billion allocation is equivalent to a $33 billion investment in Bitcoin.

“Everything is lining up,” Hougan said. “Keep watching Solana.”