Solana Price Prediction: Is Solana’s Strong On-Chain Activity Signaling a Bitcoin-Style Breakout Ahead?

Bitwise Chief Investment Officer Matt Hougan says Solana price could follow a path similar to Bitcoin over time. He argues that both assets may benefit from the same broad forces shaping the digital-value market.

Hougan outlined two key drivers behind Bitcoin’s valuation. First, the store-of-value market continues to grow as investors look for alternatives to traditional assets.

1/ The best crypto investments give you two ways to win. A thread exploring one reason I’m so bullish on Solana.

— Matt Hougan (@Matt_Hougan) October 30, 2025

Second, Bitcoin could capture a larger share of that market as it matures. Hougan said that if the market simply doubled and Bitcoin kept its current share, its price would likely rise in line with that expansion.

If Bitcoin’s share climbed toward 50% similar to gold’s standing, he believes the price could reach about $6.5 million per coin.

He said the same logic could work for Solana. In his view, the chain now serves as a base layer for stablecoins and tokenized real-world assets, areas he believes could grow many times from here. Hougan has also argued that the new US exchange-traded products could help Solana push to fresh highs.

Bitwise launched its spot SOL ETF on October 28 under the ticker BSOL. Grayscale rolled out its own version the next day, listed as GSOL.

The formula is simple:

ETF Flows + Treasury Company + Simple Story = All-Time Highs

It worked for Bitcoin, it’s working for Ethereum, and it’s lined up for Solana.

Nice graphic @scottmelker. https://t.co/c3Ny4PulcK

— Matt Hougan (@Matt_Hougan) August 29, 2025

The two funds brought in about $154 million in their first sessions. Together, they now manage roughly $439 million in SOL exposure, or about 0.4% of the token’s circulating supply.

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Solana Price Prediction: Is SOL Showing Bullish Price Action Above Key Support Levels?

Data from DeFiLlama shows the network handled about 55–60 million transactions per day, a sign that users continue to move funds and interact with apps at scale.

Bitwise Chief Investment Officer Matt Hougan says Solana price could follow a path similar to Bitcoin over time.

(Source: DeFiLlama)

The number of addresses that were active in the last day was approximately 2.0-2.9 million, which indicates that people are not interested in a burst of activities, but in consistent ones.

The volume of the DEX was approximately 3.9 billion every day, and the total for the seven days amounted to approximately 28-31 billion. That indicates excellent liquidity levels and continued engagement within the trading ecosystem of Solana.

CoinGlass data shows SOL’s open interest in derivatives sitting near $9.37 billion.

Bitwise Chief Investment Officer Matt Hougan says Solana price could follow a path similar to Bitcoin over time.

(Source: Coinglass)

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Spot trading over the past day reached about $690.65 million, while futures volume came in around $11.05 billion. SOL is trading around one of the vital support levels, and the price movement indicates stable purchases.

One of the analysts provided a chart that shows that buyers have intervened several times within the range of about $260-$270. Any test of this zone has signaled a bounce, indicating that dip-buyers are still at task and are ready to protect the level.

Price action has turned steady again. The token is trading above short-term trend levels, including the rising 20-day moving average, which has begun to turn up.

Bitwise Chief Investment Officer Matt Hougan says Solana price could follow a path similar to Bitcoin over time.

(Source: X)

Recent candles show higher lows through the week, a sign that buyers are stepping back in. Trading activity has also evened out after the pullback, suggesting sellers are losing their grip.

The next hurdle sits near $295. The chart shows several attempts to move past this zone, but each push has been rejected. A clean break and close above that level would point to further strength.

The analyst says a move through $295 opens the door toward $400, close to an earlier supply pocket around $390–$410, where price stalled earlier this year.

RSI is climbing from mid-range, leaving room for price to stretch before it hits overheated levels. If the trend breaks down, support around $250–$255 could act as a safety net. For now, the structure still leans higher.