Solana has gained renewed attention in the competition to capture tokenized markets, as highlighted by Bitwise CIO Matthew Hougan’s remark calling it “the new Wall Street.”
In a discussion with Solana Labs’ Akshay Rajan on Oct. 2, Hougan emphasized that global financial leaders are increasingly acknowledging the transformative potential of stablecoins and tokenization.
He pointed out that key figures, including the heads of the SEC and Bank of England, as well as BlackRock’s CEO, have indicated that digital assets could significantly alter payments and securities markets. Hougan noted that this narrative strikes a chord with investors aware of the magnitude of change that such technologies could bring.
Once audiences start to think about ways to invest in blockchain, comparisons among platforms naturally arise. In that context, Hougan asserted that Solana’s unique blend of speed, throughput, and near-instant finality renders it “extremely appealing.”
He mentioned enhancements that reduced settlement speed from 400 microseconds to 150 microseconds, describing this feature as intuitive for those familiar with trading environments where execution and latency matter.
By positioning Solana as “the new Wall Street,” Hougan remarked that the blockchain’s technical advantages are resonating with market players. He said the narrative is “very impactful” and predicted that “you’ll see significant capital flows.”
Technical Analysis of SOL’s Price Action
According to CoinDesk Research’s technical analysis data model, during the session from Oct. 3 at 15:00 UTC to Oct. 4 at 14:00 UTC, SOL traded within a tight range of $8.40, fluctuating between $228.19 and $237.04, reflecting a consolidation phase.
The peak was reached at $237.04 around 16:00 on Oct. 3, before consistent selling pressure drove the price down towards the $228–$229 support area.
Trading activity was most robust early in the session, peaking at 3.29 million units around 17:00, and then gradually decreasing to just 42,637 by the analysis period’s closing hour. This notable decline in volume indicated dwindling participation and a possible pause before a major directional shift.
In the last hour, from 13:11 to 14:10 UTC on Oct. 4, SOL fell below the established $228–$229 support. Prices dropped from $229.84 to $228.94, a decline of 0.39% that confirmed the bearish trend.
During this timeframe, the market displayed two phases: an initial rebound that briefly pushed the price to $229.78 at 13:38, followed by renewed selling pressure that pushed the token down to $228.72.
This breakdown coincided with a significant increase in trading volume. The busiest minute occurred at 14:01, with 18,011 units exchanged — the highest one-minute volume of the session.
The pattern of declining prices alongside rising volume suggested that larger sellers were active, potentially increasing the likelihood of continued bearish momentum.
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