This chart makes it clear: Solana is entering its “season” just like Bitcoin did in 2020.

A chart published by Bitwise Investments about Solana is attracting attention throughout the global crypto and financial ecosystem. 

This chart, recently shared on social media, shows an upward curve that leaves no room for doubt: since September 12, 2023, Solana has appreciated 1.273%, reaching $240 today. 

According to Bitwise, beyond the specific data on SOL's exponential appreciation, what this chart represents is the beginning of a narrative that is transforming institutional perceptions of this cryptocurrency. The firm frames this performance as a sign of strategic consolidation. 

Galaxy Digital leads the accumulation: Solana as a strategic asset

Bitwise's narrative is reinforced by concrete moves. Galaxy Digital, one of the most influential funds in the sector, has led a massive purchase of Solana: 5,82 million tokens acquired in a single week, for an approximate value of $1.350 billion. 

This transaction, according to experts such as Matt Hougan, CIO of Bitwise, represents a clear commitment to Solana as an institutional reserve asset, at a time when institutional managers are seeking alternatives that combine scalability, efficiency, and projection. 

In addition to Galaxy Digital, Multicoin Capital, a firm specializing in cryptocurrency and blockchain investments, has taken a rare step in the sector: publicly disclosing its exposure to Solana as part of its treasury. Hougan suggested that this transparency not only validates trust in SOL, but also suggests an intention to position itself narratively. 

Along with Jump Crypto, Galaxy Digital and Multicoin Capital committed $1.650 billion in cash and stablecoins to Forward Industries, a publicly traded company that maintains a large-scale Solana treasury, said. 

In this context, the expert emphasized that Solana is no longer just a fast-paced blockchain; it's an institutional token that is being integrated into high-level investment structures.

SOL, the new Ethereum?

The institutional support that Solana is currently receiving is based on metrics that confirm the maturity of the ecosystem. Total Value Locked (TVL) Solana's investment has reached $13.080 billion, marking a new all-time high. 

At the same time, SOL's daily active addresses exceed 2,4 million, a figure that not only rivals Ethereum but surpasses it in several indicators of organic activity. 

However, Bitwise emphasizes that despite all the growth experienced by the Solana network and its SOL cryptocurrency, its market capitalization remains relatively low: to date, about $128.000 billionThis disparity between usage metrics and market valuation is interpreted by analysts as an opportunity for expansionFurthermore, if the Securities and Exchange Commission (SEC) approves Solana-linked exchange-traded funds (ETPs) this year, the market could experience even more exponential growth. 

Several experts agree that the SOL spot ETF will be an important catalyst for growth, and that if approved by the SEC, SOL could replicate what happened with Bitcoin and Ethereum in previous cycles, where institutional entry boosted demand and consolidated the asset as part of traditional financial portfolios.

An evolution that consolidates Solana in the market

The technical perspective also plays a crucial role in this narrative. With key updates such as alpenglowSolana has managed to reduce its transaction completion times to just 150 milliseconds, a radical improvement from the previous 12 seconds. This speed isn't just an engineering feat; it's a competitive advantage that redefines the user experience on blockchain. 

While Ethereum still relies on Layer 2 solutions to scale, Solana offers a straightforward architecture, without additional layers, allowing for efficient and cost-effective operation. This technical simplicity translates into a seamless experience, which has been key to attracting both developers and end users.

Furthermore, following the security challenges it faced in previous cycles, Solana has demonstrated remarkable operational resilience. The network has remained stable, without significant interruptions, which reinforces the perception of reliability in institutional environments.

This technical advancement has had a direct impact on Solana's growth within the ecosystem. DeFi and in the asset tokenizationTransaction speed, combined with low latency and reduced costs, has enabled new projects to be built on Solana with true scalability. From lending platforms to liquidity protocols, the DeFi ecosystem on Solana is gaining traction, and with it, validation. Currently, It is the second most important blockchain in DeFi In terms of TVL, Solana is also a viable infrastructure for tokenization of traditional assets, such as real estate or financial instruments. 

In short, this convergence of technical innovation and financial application is positioning Solana as a blockchain that not only promises, but delivers.

Entering a new institutional phase

The narrative emerging from these data and movements is clear: Solana is redefining its role in the market. It's no longer about competing with Ethereum in terms of adoption or volume; it's about building its own identity, backed by metrics, technology, and institutional trust. 

Bitwise makes the case forcefully: the 1.273% growth is not an anomaly, but rather a manifestation of a structural trend. Galaxy Digital and Multicoin Capital aren't speculating; they're positioning themselves. And they do so at a time when regulation is beginning to open the way for new financial products linked to cryptoassets.

If Solana-linked exchange-traded funds receive the green light from the SEC, the impact could be transformative. Not only because of the influx of institutional capital, but also because of the validation it represents in terms of governance, transparency, and compliance. In that scenario, Solana could become one of the most strategic assets of the next crypto-financial cycle, with a narrative that combines performance, efficiency, and structural support. 

Finally, Solana's current market capitalization, still modest, suggests, for experts, that the journey is far from over and that we are not being optimistic enough about its potential.