Solana could be next to see big institutional returns after Bitcoin and Ethereum: Bitwise

• Solana could be the next cryptocurrency to see massive gains in 2025, according to Bitwise's Matt Hougan.
• Hougan claims that Solana has seen increased treasury adoption and ETF filings, which could fuel a year-end price run.
• He added that Multicoin Capital co-founder Kyle Samani's support for SOL could help drive a demand narrative.

Solana (SOL) could be next to pull off a major price run after Bitcoin (BTC) and Ethereum (ETH), according to Bitwise's Chief Investment Officer (CIO) Matt Hougan, who claims there are available ingredients for an "epic end-of-year run."

Solana could see strong gains in Q4 2025 amid growing institutional demand

Bitwise CIO Matt Hougan is calling an end-of-year rally for Solana, arguing that the cryptocurrency has all the right ingredients for strong returns.

In a Tuesday note to investors, Hougan claims the major "recipe" for Bitcoin and Ethereum's price growth so far is spot exchange-traded funds (ETF) inflows and strong treasury purchases.

Over the past 18 months, Bitcoin has followed the treasury and ETF inflows playbook, rising from $40,000 in January 2024 to $113,000 in 2025. Ethereum has seen similar results since the rise of ETH treasury companies this year, pushing its price to $4,500 from $1,500 in April, according to Hougan.

He stated that SOL has the "conditions to follow this path," citing rising anticipation for US spot Solana ETFs and a surge in treasury demand.

Solana treasuries have stacked nearly 9 million SOL since April, with total purchases nearing $2 billion. The total treasury holdings account for 1.55% of Solana's total circulating supply, according to data from the Strategic SOL Reserve.

Additionally, Galaxy Digital, Jump Crypto, and Multicoin Capital committed $1.65 billion in cash and stablecoins on Monday to support the launch of Forward Industries' Solana treasury.

Hougan noted that naming Multicoin co-founder Kyle Samani as chairman could have an impact on institutional demand for Solana similar to the influence Michael Saylor and Tom Lee have had on Bitcoin and Ethereum.

"If Samani can similarly carry the Solana message on CNBC, Bloomberg, and Fox Business, it will help drive the flywheel of investor demand," wrote Hougan.

On the other hand, the Securities & Exchange Commission (SEC) is nearing its deadline to decide on spot Solana ETF applications from issuers including Bitwise, Canary Capital and 21Shares. 

SOL products are among the most anticipated for a regulatory greenlight, with Bloomberg ETF analysts predicting they have an over 95% chance of approval.

Although optimistic, Hougan cautioned that ETFs and treasury accumulation don't guarantee success. However, he noted that Solana's smaller market size compared to Bitcoin and Ethereum means inflows could have a greater price impact.

SOL is up nearly 4% in the past 24 hours, trading above $220 at press time.