As Solana (SOL) taps the $225 barrier, Bitwise’s CIO forecasted that a bullish Q4 rally might be brewing for the altcoin if it follows Bitcoin (BTC) and Ethereum’s (ETH) recipe.
Hougan explained that BTC followed this recipe since January 2024, while ETH discovered the same formula in April 2025. “It’s no surprise that the recipe works. It’s classic supply and demand,” he stated, adding that “all the ingredients are there for an epic end-of-year run for Solana.”
As the CIO highlighted, multiple issuers, including Bitwise, Grayscale, and VanEck, have filed to launch spot SOL exchange-traded products (ETPs), which are expected to be approved at the start of Q4.
Hougan also noted that Forward Industries named Kyle Samani, who has been among the cryptocurrency’s most consistent promoters, as chairman. To Bitwise’s CIO, if Samani can “carry the Solana message” like Michael Saylor and Tom Lee have done with Bitcoin and Ethereum, it will help drive investor demand.
“Solana is an Ethereum competitor,” he asserted, “it’s a programmable blockchain designed to host stablecoins, tokenized assets, and decentralized finance applications, among other things.”
The blockchain recently approved a major technical upgrade that will make it one of the fastest networks in the world. Additionally, it is also third in stablecoin liquidity among programmable blockchains and fourth in tokenized assets, recording rapid growth in this sector.
“Scaled for the size of the blockchain, a relatively small amount of flows into Solana could significantly impact prices,” Hougan explained.
He detailed that Forward Industries’ $1.6 billion purchase of SOL shares would be the equivalent of $33 billion in BTC purchases, noting that this could be slightly offset by Solana’s higher annual inflation rate of 4.3%, versus Bitcoin’s 0.8% and Ethereum’s 0.5%.
“The setup is still attractive,” he concluded, suggesting that investors keep their eyes on Solana in the coming months.
As of this writing, Solana is trading at $222, a 5.1% increase in the weekly timeframe.
