Solana could mirror Bitcoin’s success, says Bitwise CIO Matt Hougan.
Solana could mirror Bitcoin’s success by offering similar opportunities, according to Bitwise’s Chief Investment Officer, Matt Hougan.
1/ The best crypto investments give you two ways to win. A thread exploring one reason I’m so bullish on Solana.
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— Matt Hougan (@Matt_Hougan) October 30, 2025
The expert identified two drivers for the leading cryptocurrency. Its value could rise both from the overall growth of the store of value market and from an increase in its market share.
With the current market capitalization of the segment at $27.5 trillion, where digital gold accounts for 9%, maintaining this share while the overall market doubles would lead to a proportional increase in the asset’s price.
“Many investors mistakenly focus on Bitcoin’s market share growth, ignoring the expansion of the market itself. Over 20 years, the savings preservation sector has increased tenfold—from $3 trillion in 2005 to $27.5 trillion today. For the cryptocurrency’s price to increase tenfold, a repeat of this scenario while maintaining its current share is sufficient. This is quite realistic,” Hougan noted.
If the market grows further and Bitcoin captures 50% akin to gold, the price of one coin could soar to $6.5 million, he believes.
According to Bitwise’s investment director, the same logic applies to Solana. The blockchain platform is positioned as an infrastructure solution for stablecoins and the tokenized assets market. The latter has the potential for tenfold growth, the expert emphasized.
Currently, Solana competes with Ethereum, TRON, and other platforms. It holds about 14% of the sector, with a capitalization exceeding $107 billion. Meanwhile, its technological advantages—high transaction processing speed and growing institutional support—create conditions for increasing its share.
“Solana is a young platform but is already attracting major players. Recently, Western Union chose it for launching its stablecoin. If I’m right, the combination of a growing market and share will create an explosive effect for the cryptocurrency—just like with Bitcoin,” Hougan concluded.
Earlier, the expert predicted a rally for Solana to a new all-time high due to the emergence of exchange-traded funds based on the asset in the US. On October 28, the launch of a spot SOL-ETF by Bitwise under the ticker BSOL took place.
The following day, a similar instrument was introduced by Grayscale—GSOL.
In the initial trading sessions, the products attracted $154 million. The issuers manage assets worth $439 million—0.4% of Solana’s total supply.
The altcoin has yet to show a pronounced price trend. Over the past day, the SOL rate increased by 0.1%, while over the week it fell by 2.4%.
At the time of writing, Solana is trading around $186.
Analysts at Hyblock compared the coin’s reaction to Bitcoin’s behavior following the launch of spot BTC-ETFs in January 2024. They noted that the leading cryptocurrency remained in a sideways trend initially, but a breakthrough followed. A similar pattern could occur with Solana.
Earlier in October, Hougan called the asset a future favorite of Wall Street.
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