Solana Positioned as ‘New Wall Street’ by Bitwise CIO Hougan
Solana has gained attention in the tokenized markets, with Bitwise CIO Matthew Hougan dubbing it “the new Wall Street.” Hougan highlighted the recognition of stablecoins and tokenization's disruptive potential by financial leaders, including the SEC, Bank of England, and BlackRock. Solana is noted for its speed, throughput, and near-instant finality, making it attractive for blockchain exposure.
- Settlement speed improved from 400 to 150 microseconds.
- Described as intuitive for trading environments that prioritize execution and latency.
Technical Analysis of SOL's Price Action
- From Oct. 3 at 15:00 UTC to Oct. 4 at 14:00 UTC, SOL traded in a $8.40 range between $228.19 and $237.04.
- The high was $237.04 on Oct. 3; steady selling pressure brought it down to $228–$229 support area.
- Volumes peaked at 3.29 million units early in the session but fell to 42,637 by the end.
- SOL broke below the $228–$229 support, falling from $229.84 to $228.94 (0.39% drop) on Oct. 4.
- The decline coincided with increased volume, indicating active large sellers and potential continued bearish momentum.