Solana Set to Reach Fresh ATHs as Institutions Step In

Bitwise is highlighting Solana as a top candidate to be the next major cryptocurrency to reach new all-time highs, propelled by accelerating institutional interest and a more favorable regulatory environment.

According to Bitwise Chief Investment Officer Matt Hougan, Solana is following the same “simple formula” that drove Bitcoin and Ethereum’s rallies: a combination of ETF inflows, institutional adoption, and a strong narrative. The firm, which has already filed for a U.S. spot Solana ETF and launched a staking product in Europe, points to Solana’s high speed and low fees as key drivers of its growth.

While Bitwise maintains a bold long-term price forecast for Solana, it has taken a more cautious view on its near-term price action, noting that the asset is maturing but still high potential.

Following a price dip to $155 in early August, Solana (SOL) is showing a strong recovery, buoyed by the formation of a golden cross on its daily chart—a key bullish technical signal. The token has since climbed to an intraday high of $217, and traders are now eyeing the $300 price target that Solana nearly reached in January. However, the path forward is not clear, as the asset must first overcome significant resistance levels at $244 and $273.

At the time of this writing, Solana (SOL) is trading at $190 after a wide market decline. Traders are looking towards recovery upon revived bullish sentiment, but whether Solana can finally break through the elusive $300 mark remains to be seen.

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bitwise, Solana (SOL)