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Solana is poised for “an epic end-of-year run” as potential Solana ETF launches and a $1.65 billion company treasury dedication present the firepower for a rally.
That’s based on Bitwise’s Chief Funding Officer (CIO) Matt Hougan, who mentioned in a Sept. 9 memo to traders that “Solana season” may echo the dynamics that drove Bitcoin and Ethereum to a number of new all-time highs.
“When demand exceeds provide, costs usually go up,” he wrote.
A number of main issuers, together with Grayscale, VanEck, Constancy, and Franklin Templeton, have filed for spot Solana ETFs, with the Securities and Trade Fee (SEC) rulings due by October 10.
On the similar time, Galaxy Digital, Leap Crypto, and Multicoin Capital have pledged $1.65 billion to Ahead Industries, a brand new publicly traded Solana treasury firm that may purchase and stake SOL at scale.
Ahead Industries has additionally named Multicoin co-founder Kyle Samani as chairman, positioning him to champion SOL publicly as one among its “most articulate and constant promoters,” just like what Michael Saylor has carried out for Bitcoin and Tom Lee for Ethereum, Hougan mentioned.
With Solana’s $121 billion market cap a fraction of BTC’s $2.2 trillion and Ethereum’s $529 billion, even modest inflows may transfer the needle on SOL in outsized trend, he steered.
Largest cryptos by market cap (Supply: CoinMarketCap)
He estimated that Ahead Industries’ deliberate $1.65 billion SOL purchase would have the identical impact as shopping for $33 billion value of Bitcoin.
“My suggestion? Hold your eye on Solana within the coming months,” he mentioned.
The Recipe That Propelled BTC And ETH
Bitcoin soared from round $40K in January 2024, when spot Bitcoin ETFs had been launched, to a brand new all-time excessive of just about $125K, he mentioned, earlier than including that the ETH value additionally nearly tripled between April and August this yr below the identical circumstances.
There was a surge in demand throughout that interval as effectively. In these months, the Bitcoin community produced 322,681 BTC, whereas ETPs (exchange-traded merchandise) purchased over 1.1 million BTC.
In the meantime, the Ethereum community produced 388,568 ETH, whereas ETPs and firms acquired 7.4 million ETH, the Bitwise CIO famous.
“It’s no shock that the recipe works,” he mentioned. “It’s basic provide and demand.”
🏛️ Sector Strikes:
🔹 Ahead Industries raises $1.65B in document Solana treasury deal (shares +128%)
🔹 SOL Methods authorized for @NasdaqExchange itemizing (ticker: STKE)
🔹 Galaxy Digital tokenizes SEC-registered shares on Solana
🔹 @Gemini rolls out Solana staking + USDC…— CoinMarketCap (@CoinMarketCap) September 10, 2025
However Solana Could Want A Catalyst To Match Bitcoin And Ethereum
Hougan warned although that company SOL purchases and potential ETF launches alone gained’t be sufficient to propel the altcoin’s value to new all-time highs.
“There must be a elementary motive for traders to be inquisitive about these automobiles,” he wrote.
Hougan mentioned Ethereum solely took off when it grew to become clear that its community could be the primary beneficiary of the stablecoin growth.
Stablecoin market share by chain (Supply: DeFiLlama)
For Solana, Hougan believes the foremost draw will likely be its a lot larger speeds and considerably decrease charges in comparison with each Bitcoin and Ethereum.
He known as the Solana blockchain a programmable community constructed for stablecoins, tokenized belongings, and decentralized finance (DeFi).
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