Solana Jumps 8% as Bitwise CIO Calls It the “New Wall Street” for Stablecoins

The Solana price has surged 8% in the last 24 hours, to trade at $231, on a 23% drop in the daily trading volume, to $5.73 billion.

This comes as Bitwise CIO Matt Hougan says Solana could become the “new Wall Street” for stablecoins and real-world asset tokenization. He told Solana Labs’ Akshay Rajan that while Wall Street finds Bitcoin hard to understand, investors clearly see the huge potential in stablecoins and tokenized assets.

Hougan said Solana’s speed, low fees, and fast settlement times make it very appealing for traditional finance, especially with improvements from 400 to 150 microseconds.

Even so, Ethereum still leads the stablecoin market with $172.5 billion in value and 59% market share, compared to Solana’s $13.9 billion and 4.7% share. Bitwise remains optimistic about Solana. CEO Hunter Horsley said Solana’s faster unstaking could help it outperform Ethereum in staking ETFs.

Bitwise already runs a Solana ETP worth $30 million and is waiting for the SEC’s decision on a spot Solana ETF on Oct. 16. SOL was trading at $227, down 2% for the day and 22% below its January 2025 peak.

Solana Price Targets $300 After Strong Bullish Breakout

Solana (SOL) has continued to rise, gaining 2.79% in the last 24 hours to trade around $234.22. The recent bounce from the $200 support level shows growing buyer confidence as the crypto market recovers.

On the daily chart, Solana recently broke out of a long bearish channel that started earlier this year. The coin found support near $120, where it formed a rounding bottom pattern — a sign that the downtrend was ending. After that, SOL moved above the resistance neckline at $175, confirming the start of a new uptrend.

SOLUSDT Analysis Source: Tradingview

Since then, Solana has been trading inside an upward channel, forming higher highs and higher lows. This pattern shows that buyers are still in control. The Relative Strength Index (RSI) is at 58, suggesting there is still room for more upside before the market becomes overbought.

If this momentum continues, Solana could rise to test the next resistance zone between $275 and $300, where many traders are expected to take profits. This area is also marked as a “buy liquidity” zone on the chart. A breakout above $300 could open the way for a move toward $320.

However, if the price fails to hold above the $200 support, Solana may face a short correction before trying again to climb higher.

Overall, Solana’s breakout from the bearish phase and the rounding bottom pattern show a strong shift in market direction. As long as the price stays above $200 and within the rising channel, a push toward $300 seems likely in the coming weeks.