Solana on brink of change: What awaits cryptocurrency by end of 2025

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Solana is entering a decisive phase of growth

Solana steps onto Wall Street

The first clear signal of growing confidence came with Sol Strategies listing on the Nasdaq Global Select Market under the ticker STKE. This is one of the first companies directly focused on Solana to gain access to the world’s largest stock exchange.

The firm, which already holds about $94 million worth of SOL tokens in its treasury, positions itself as an institutional infrastructure provider for Solana. The Nasdaq listing not only increases its visibility but also opens the door to fresh capital flows from U.S. institutional investors.

Symbolically, the debut was marked by a dual bell-ringing ceremony — both on the trading floor in New York and digitally on the Solana blockchain. Once again, this emphasized the idea of merging traditional finance with Web3.

Combined with investments from DeFi Dev Corp, Ark Invest, and Forward Industries, this listing serves as yet another proof: Solana is becoming a full-fledged player not just in the crypto space but in global finance. And against this backdrop, institutions began acting even more decisively.

Galaxy Digital: A long-term bet on Solana

The most high-profile example came from Galaxy Digital. In just a few days, the firm acquired 6.5 million SOL worth $1.57 billion. Most of the tokens were transferred to Fireblocks custody wallets, signaling a clear intent to hold long-term rather than speculate.

Galaxy also became one of the key investors in Forward Industries’ $1.65 billion private placement — a newly listed public company, creating a treasury model for the Solana ecosystem. Alongside Jump Crypto and Multicoin Capital, this forms a kind of “financial foundation” meant to make Solana more attractive to corporate clients.

Another step by Galaxy was its partnership with Phoenix: the company issued its own GLXY shares as tokenized securities on the Solana blockchain. These are not just a tech demo — the tokens convey full shareholder rights. This move became one of the first prominent examples of tokenizing publicly listed equity on Solana, underscoring the blockchain’s role as infrastructure for real-world financial instruments.

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Bitwise: “All the ingredients for an epic rally”

Optimism is also shared by Bitwise. CIO Matthew Hougan directly compares Solana’s current setup with what happened to Bitcoin and Ethereum after ETF approvals. Once demand from exchange-traded products and companies exceeded the supply of newly minted coins, prices soared.

Today, Solana’s market capitalization stands at around $116 billion — only 5% of Bitcoin’s and 23% of Ethereum’s. This means even relatively modest capital inflows can have a strong impact on SOL’s price. Hougan emphasizes that all the ingredients for a “Solana season” are already on the table.

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The scenario Hougan outlines could materialize very soon. The SEC is set to decide on several Solana spot ETF applications by October 10. Applicants include Grayscale, VanEck, Fidelity, Invesco/Galaxy, Franklin Templeton, and Bitwise itself.

If approved, the market could see a fresh wave of liquidity. Unlike Bitcoin or Ethereum, Solana is smaller in scale, so even a few billion dollars in ETF flows could substantially lift its price. This key difference makes SOL particularly attractive to institutions.

Risks: Inflation and scale

Alongside opportunities, challenges remain. SOL’s annual inflation rate is about 4.3% — far higher than Bitcoin’s 0.8% or Ethereum’s 0.5%. This creates constant downward pressure on the market.

Moreover, Solana remains much smaller in scale: its market cap is around $116 billion compared to Bitcoin’s $2.2 trillion and Ethereum’s $500+ billion. On the one hand, this means even modest inflows can move prices significantly. For example, a $1.6 billion purchase of Solana is roughly equivalent to a $33 billion Bitcoin buy. On the other hand, this imbalance makes the market more sensitive to volatility.

That’s why the future of SOL will hinge on two factors: whether institutions are willing to hold the asset long-term, and whether the network can deliver real-world use cases.

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Why this rally looks healthier

Solana’s latest push to $250 looks markedly different from previous rallies. In the past, upward moves were often fueled by speculation and heavy leverage. This time, the main driver is pure spot demand. According to CoinGlass and CryptoQuant, retail investors are actively accumulating SOL, while futures traders remain cautious. This makes the market more resilient and less vulnerable to sudden crashes.

Technical indicators confirm the shift: RSI is already in overbought territory, yet On-Balance Volume (OBV) continues to climb. In other words, this rally is backed by real money and genuine interest, not just short-term hype. If the trend persists, the “Solana season” could evolve into a longer-term success story.

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