Solana went on the way to “Epic” end run, says Bitwise

Solana is ready for “an epic end-of-year run” as possible Solana ETF launches and a $ 1.65 billion business control offer the Firepower for a rally.

According to Bitwise’s Chief Investment Officer (CIO) Matt Hougan, who said in a September 9 memo For investors that “Solana season” Could reflect the dynamics that Bitcoin and Ethereum drove to several new all-time highlights.

“When demand exceeds the supply, prices usually rise,” he wrote.

Several large issues, including Grayscale, Vaneck, Fidelity and Franklin Templeton, have applied for spot Solana ETFs, with the statements of Securities and Exchange Commission (SEC) on 10 October.

At the same time, Galaxy Digital, Jump Crypto and Multicoin Capital has promised $ 1.65 billion to Forward Industries, a new audience traded Solana Treasury Company that will buy and use Sol on a scale.

Forward Industries has also appointed Multicoin co-founder Kyle Samani as chairman and positions him to publicly defend Sol as one of the “most articulated and consistent promoters”, similar to what Michael Saylor has done for Bitcoin and Tom Lee for Ethereum, Houganum said.

With Solana’s market capitalization of $ 121 billion a fraction of BTC’s $ 2.2 trillion and Ethereum’s $ 529 billion, even modest inflow could move the needle in a large way in SOL, he suggested.

Largest cryptos per market capitalization (source: Mint market cap))

He estimated that the planned $ 1.65 billion Sol -Buy from Forward Industries would have the same effect as buying $ 33 billion in Bitcoin.

“My suggestion? Keep an eye on Solana in the coming months,” he said.

The recipe that BTC and ETH produced

Bitcoin rose from around $ 40K in January 2024, when Spot Bitcoin ETFs were launched, to a new highest point of almost $ 125k, he said before adding that the ETH prize also tripled almost between April and August this year under the same circumstances.

There was also an increase in demand in that period. In those months the Bitcoin network produced 322,681 BTC, while ETPs (products traded by the exhibition) bought more than 1.1 million BTC.

In the meantime, the Ethereum network produced 388,568 ETH, while ETPs and companies acquired 7.4 million ETH, the Bitwise CIO noted.

“It’s no surprise that the recipe works,” he said. “It’s classic supply and demand.”

🏛️ Sector is moving:

🔹 Forward Industries collects $ 1.65 billion in Record Solana Treasury Deal (shares +128%)
🔹 Sol -strategies approved for @Nasdaqexchange List (Ticker: STKE)
🔹 Galaxy Digital tokenizes sec-registered shares on Solana
🔹 @Twin Rols Solana strike + USDC …

– Coinmarketcap (@coinmarketcap) September 10, 2025

But Solana may need a catalyst that matches Bitcoin and Ethereum

Hougan, however, warned that Corporate Sol purchases and possible ETF launch are not enough to push the price of the Altcoin to new all-time highlights.

“There must be a fundamental reason for investors to be interested in those vehicles,” he wrote.

Houganum said that Ethereum only started when it became clear that his network would be the most important beneficiary of the Stablecoin Boom.

Stablecoin market share per chain (source: Fill))

For Solana, Hougan believes that the most important draw will be the much higher speeds and considerably lower costs compared to both Bitcoin and Ethereum.

He called the Solana Blockchain a programmable network built for stablecoins, tokenized assets and decentralized finances (Defi).

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