Solana may soon reach a new all-time high due to factors that this year led to ATH for Bitcoin and Ethereum, according to CIO of Bitwise, Matt Hougan.
The formula is simple:
ETF Flows + Treasury Company + Simple Story = All-Time Highs
It worked for Bitcoin, it’s working for Ethereum, and it’s lined up for Solana.
Nice graphic @scottmelker. https://t.co/c3Ny4PulcK
— Matt Hougan (@Matt_Hougan) August 29, 2025
According to him, the main growth catalysts for the two leading cryptocurrencies by market capitalization were:
- inflows into ETFs;
- an increase in the number of companies with treasury assets;
- a simple and compelling narrative that resonated with investors.
“It worked for Bitcoin, for Ethereum, and it’s already on the way for Solana,” Hougan expressed confidently.
Exchange-Traded SOL Products Nearing Approval
The SEC is currently reviewing eight applications for Solana-based ETFs. On Friday, August 29, Bloomberg senior exchange analyst James Seyffart noted that potential issuers, including Bitwise, have collectively updated their S-1 filings.
NEW: A bunch of updated Solana ETF filings are being sent to the SEC. So far this afternoon we have Canary/Marinade, Franklin, and VanEck. Expecting the others to file over next couple hours. Likely just indicates positive back and forth between these issuers and the SEC pic.twitter.com/GSWZQuDZ6T
— James Seyffart (@JSeyff) August 29, 2025
The expert believes this indicates “positive interaction dynamics” between these companies and the regulator.
In June, Seyffart’s colleague, Eric Balchunas, predicted the imminent approval of exchange-traded SOL products. Analysts estimate that the most likely timeframe for the SEC’s decision is early October, with a 90% chance of approval by the end of the year.
DeFi Development with Solana Treasury Enters UK Market
The American corporation DeFi Development, created to accumulate reserves in Solana, has announced the launch of its subsidiary DFDV UK.
According to the press release, the entity will become the first public company in the UK focused on a treasury strategy in SOL.
DFDV UK will be formed following the recent acquisition of Cykel AI, in which DeFi Development holds a 45% stake.
Joseph Onorati, CEO of the Nasdaq-listed company, called the launch of the subsidiary in the European country “an important milestone and proof of a global expansion strategy.” He stated that DeFi Development expects DFDV UK to eventually provide additional value potential for SOL per share. The corporation uses this metric to assess the effectiveness of its business model.
On August 28, DeFi Development reported the purchase of an additional 407,247 SOL at an average price of $189. The transaction amounted to approximately $77 million. In total, the company has accumulated 1.83 million SOL.
At the time of writing, the token is trading at $200, having lost over 5% in the past day. Prices are 31% below the all-time high of $293 recorded in January (CoinGecko).
Former Goldman Sachs CEO Raoul Pal believes that some leading altcoins should emerge from the “waiting room”, potentially extending the crypto rally until the first quarter of 2026. He named Solana as first in line.
Bitfinex believes that a massive altseason will not start until new crypto ETFs are approved in the US.