Bitwise Chief Funding Officer Matt Hougan stated Solana may quickly set new all-time highs, mirroring Bitcoin and Ethereum’s report runs earlier this 12 months.
Hougan argued that SOL is about to profit from the identical forces that propelled BTC and ETH to new highs this cycle, specifically exchange-traded fund (ETF) inflows, giant capital corporations coming into the market, and easy, compelling narratives that resonate with buyers.
He wrote in a social media put up:
“The components is easy: ETF fund flows + fund firms + a easy story = all-time highs. It applies to Bitcoin, it applies to Ethereum, it applies to Solana.”
Path to institutional adoption
Solana, a blockchain recognized for its high-speed processing and low transaction prices, has seen rising developer exercise throughout funds, gaming, and consumer-facing purposes.
The community’s effectivity has helped place it as a possible different to Ethereum for decentralized purposes, fueling hypothesis concerning the eventual approval of a spot Solana ETF within the US.
Up to now, Bitcoin and Ethereum ETFs have funneled billions of dollars into the market, with Bitcoin funds alone surpassing gold ETFs in day by day volumes this summer time.
Given its rising market capitalization and increasing ecosystem, many view Solana as the subsequent logical step for institutional product choices.
Hougan’s feedback add weight to that view, suggesting that after fund autos are established, Solana may comply with the identical trajectory as its bigger friends.
Outlook evolving
Bitwise has taken a long-term bullish stance on Solana, projecting in an in depth January report that the token may attain between $2,300 and $6,600 by 2030, relying on adoption eventualities. The agency based mostly its estimates on Metcalfe’s Legislation, linking community progress to valuation.
To assist investor entry, Bitwise additionally launched a Solana Staking ETP in Europe, providing publicity to SOL with built-in staking rewards and signaling confidence within the blockchain’s scalability and rising ecosystem. It is usually seeking to launch a spot Solana ETF within the US, however the SEC has thus far delayed its decision on the purposes.
Whereas the agency stays optimistic about Solana’s long-term position alongside Bitcoin and Ethereum, it has been extra cautious on near-term value outlooks till now. Bitwise beforehand stated it was not sure if SOL would attain new highs this 12 months and referred to as Bitcoin the “best horse in the race.”
This mixture of bold long-range forecasts and tempered short-term expectations displays Bitwise’s view of Solana as a high-potential however nonetheless maturing asset.
