Solana (SOL) could be the next cryptocurrency to experience a significant price surge, according to Bitwise Chief Investment Officer Matt Hougan. Following the massive rallies seen in Bitcoin (BTC) and Ethereum (ETH), Solana is showing signs of growing institutional adoption and ETF interest, which could pave the way for a strong year-end performance in 2025.
Hougan highlighted that SOL now has all the conditions in place for a potential “epic end-of-year run,” pointing to the same factors that fueled Bitcoin and Ethereum’s recent growth: treasury accumulation and spot exchange-traded fund (ETF) inflows.
Institutional Adoption Driving Solana’s Growth
Over the past 18 months, Bitcoin and Ethereum’s rallies have been fueled by treasury purchases and ETF inflows. Bitcoin, for instance, climbed from $40,000 in January 2024 to $113,000 in 2025, while Ethereum rose from $1,500 to $4,500 during the same period. Hougan believes Solana is now following a similar trajectory.
Since April 2025, Solana treasuries have accumulated nearly 9 million SOL, with purchases totaling approximately $2 billion. This represents 1.55% of Solana’s total circulating supply, signaling strong institutional interest in the network. Major players like Galaxy Digital, Jump Crypto, and Multicoin Capital recently contributed $1.65 billion in cash and stablecoins to support the start of Forward Industries’ Solana treasury, further boosting confidence in SOL’s institutional adoption.
ETF Filings Could Propel SOL Prices
Spot Solana ETFs are gaining attention among institutional investors, with applications submitted by Bitwise, Canary Capital, and 21Shares awaiting regulatory approval. Bloomberg ETF analysts predict a greater than 95% chance that these products will receive the green light from the U.S. Securities and Exchange Commission (SEC).
Hougan emphasized that these ETFs could serve as a catalyst for additional inflows, particularly given Solana’s relatively smaller market size compared to Bitcoin and Ethereum. With fewer coins in circulation, institutional demand could have a disproportionate impact on SOL prices, amplifying potential gains.
Influence of High-Profile Advocates
The presence of influential figures like Multicoin Capital co-founder Kyle Samani could play a significant role in promoting Solana to institutional investors. Hougan compared Samani’s potential influence to the effect Michael Saylor had on Bitcoin and Tom Lee on Ethereum. Media appearances on CNBC, Bloomberg, and Fox Business could help drive awareness and generate investor interest, further accelerating demand for Solana.
Hougan noted, however, that while high-profile advocacy can support the growth narrative, it alone cannot guarantee price success. The combination of treasuries, ETFs, and institutional backing must align for SOL to achieve a meaningful rally.
Market Conditions Favor Solana
Solana’s growing treasury holdings and ETF anticipation are taking place in a broader market context of institutional interest. Investors are increasingly looking for cryptocurrencies with real-world use cases, scalable networks, and strong development communities. Solana’s high throughput, low transaction costs, and active developer ecosystem position it as a viable alternative to Ethereum for institutional projects.
Additionally, SOL’s smaller market capitalization compared to BTC and ETH means inflows from treasuries or ETFs could move the price more significantly, offering a potentially higher upside for investors who act early.
Risks and Considerations
Despite the positive signals, Hougan cautioned that treasury accumulation and ETF filings do not guarantee price surges. Regulatory hurdles remain a key risk, and market sentiment can shift quickly. Institutional inflows may provide momentum, but SOL’s performance will also depend on broader crypto market conditions, macroeconomic trends, and investor confidence in blockchain adoption.
Investors should monitor ETF approvals, treasury reveal, and liquidity trends closely. While the ingredients for a strong rally appear present, the cryptocurrency market remains inherently volatile, and prudent risk management is essential.
Outlook: Solana’s Potential for 2025
Overall, Solana appears well-positioned to follow in the footsteps of Bitcoin and Ethereum with a potential end-of-year rally. Institutional treasury purchases, upcoming spot ETFs, and high-profile endorsements are combining to create favorable conditions for SOL.
If regulatory approvals come through and institutional adoption continues, Solana could experience substantial price growth, potentially rivaling the performance of earlier major crypto assets. Analysts and investors will be watching closely as 2025 progresses, with the coming months likely to shape Solana’s trajectory for the remainder of the year.
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