Matthew Hougan: Solana on the Path to Becoming the New Wall Street

Solana Emerges as a New Investment Area

Bitwise Chief Investment Officer (CIO) Matthew Hougan described Solana as the "New Wall Street" in his assessment. Hougan highlighted the contribution of stablecoins and tokenization processes to the transformation of payments and securities in the global financial system.

He noted that the U.S. Securities and Exchange Commission (SEC), the Bank of England, and the BlackRock CEO have indicated that digital assets could have a significant impact in these areas. Emphasizing that these views have resonated greatly among investors, Hougan stressed the importance of paying attention to the changes brought by blockchain technology.

With Solana’s rapid transaction volume and near-instant result capability, Hougan finds this platform particularly appealing. He mentioned that transaction times have decreased from 400 microseconds to 150 microseconds, highlighting it as an important factor for regular traders.

Solana's Market Rise

This week, the statements made by Bitwise CIO brought attention to Solana’s role in the tokenization space. In an interview with Akshay Rajan from Solana Labs on October 2, Hougan noted that there is increasing interest from market participants in Solana. As a result, he expects a significant inflow of capital.

SOL Price Analysis

According to CoinDesk Research data, from October 3 at 15:00 UTC to October 4 at 14:00 UTC, the SOL price ranged between $228.19 and $237.04. The highest price recorded during this period was $237.04, while the market declined and support levels were established around $228-$229.

In the initial hours, trading volume was quite high, peaking at 3.29 million units by 17:00. However, towards the end of the analysis period, the volume dropped to 42,637 units. This sharp decrease in volume weakened the indicators of interest among market participants. In the last 60 minutes on October 4, SOL fell below the support level.

The price dropped from $229.84 to $228.94, supporting a 0.39% decrease and suggesting that the market is trending pessimistically. At this moment of increased volume, the direction of the market may appear to change.