Bitwise CIO Matthew Hougan Calls Solana “the New Wall Street”
Solana is increasingly drawing attention from investors, with Bitwise CIO Matthew Hougan labeling it “the new Wall Street” due to its high-speed settlement, throughput, and near-instant finality.
Speaking with Solana Labs’ Akshay Rajan on Oct. 2, Hougan emphasized that global financial leaders—including the SEC, the Bank of England, and BlackRock’s CEO—recognize the transformative potential of stablecoins and tokenized markets. Investors who understand these trends, he said, see the blockchain’s capacity to reshape payments and securities markets.
Hougan added that when evaluating blockchain platforms, comparisons are inevitable. Solana’s improvements in settlement speed—from 400 microseconds to 150 microseconds—combined with robust throughput, make it “extraordinarily attractive” for participants accustomed to low-latency trading environments.
Calling Solana “the new Wall Street,” Hougan predicted that its technical advantages would drive substantial capital inflows as institutional and retail investors increasingly adopt the narrative.
Technical Analysis of SOL
CoinDesk Research data for the 23-hour session from Oct. 3, 15:00 UTC to Oct. 4, 14:00 UTC shows:
- SOL traded in a tight $8.40 range between $228.19 and $237.04, reflecting consolidation.
- The session high of $237.04 occurred at 16:00 UTC on Oct. 3, before selling pushed prices toward $228–$229 support.
- Trading volume peaked early at 3.29 million units, declining to 42,637 units by the close, indicating weakening participation.
- In the final 60 minutes (13:11–14:10 UTC, Oct. 4), SOL broke below $228–$229 support, dropping from $229.84 to $228.94 (0.39%), signaling a bearish shift.
- An initial rebound lifted prices to $229.78 at 13:38 UTC, followed by renewed selling to $228.72.
- The breakdown coincided with a volume spike, with 18,011 units traded in the busiest minute at 14:01 UTC, suggesting large sellers are active and bearish momentum may continue.
Hougan’s remarks, alongside SOL’s price movements, underscore Solana’s appeal as a high-performance blockchain while highlighting short-term caution amid consolidation and active selling pressure.
