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And its fresh new narrative may be enough to drive it to new ATHs in 2025.
SOL climbed ~4% Wednesday to nearly $225, its highest level since February, and is up about 25% over the past month.
Bitwise CIO Matt Hougan says the same forces that powered Bitcoin and Ethereum’s rally (ETF inflows and corporate/treasury accumulation) are now lining up for Solana, setting the stage for an “epic end-of-year run.”
Here’s a glimpse at what’s happening for Solana right now:
It’s a very nice setup.
“For the last 18 months, the recipe for strong returns in crypto has been clear: Take one part exchange traded products (ETP) inflows, add strong corporate treasury purchases, and voilà-you get big returns… All the ingredients are there for an epic end-of-year run for Solana.” – Matt Hougan, CIO, Bitwise
This is one of those trades that feels too easy to be true.
But SOL has nearly the exact same setup as BTC and ETH before it.
Institutional flows have been the primary force driving crypto majors price action over the past 18 months. And now it’s Solana’s turn.
They’ve got ~$3B in SOL TreasuryCo’s incoming and ETFs coming Q4 (though it should be noted that BlackRock isn’t in the mix, the highest volume ETF facilitator).
And a strong ecosystem, with apps like Pump Fun driving top-5 revenue numbers across all of crypto.
It’s certainly not a done deal by any means.
The TreasuryCo’s could end up being underwhelming. The ETFs might not catch much volume in the early months. Leading apps might sputter.
But with many thinking Bitcoin will make sweeping new ATHs in Q4 2025 (I’m in this cohort), it’s not a big stretch to think SOL will also make a run.
Here’s a rundown of major token, protocol and airdrop news from the day:
Section dedicated to headlines in the AI sector of crypto:
Here is the list of other notable headlines from the day in NFTs:
