Here’s why Bitwise is tipping Solana for an end-of-year rally. And what could stall it

Core Insights - Solana is poised for a potential price rally, with its current trading price at $224, which is 23% below its all-time high of $293 [1][3] - The anticipated rally is attributed to increased investment in Solana exchange-traded funds (ETFs) and corporate treasuries accumulating Solana [2][4] Market Dynamics - Bitcoin and Ethereum have seen significant price increases this year, with Bitcoin rising 185% since the introduction of Bitcoin ETFs in January 2024, and Ethereum more than tripling in price [3] - The same market drivers that benefited Bitcoin and Ethereum could soon apply to Solana, contingent on the approval of SOL ETF applications by the SEC [3][4] Institutional Interest - Bitwise, along with other fund issuers like Grayscale and VanEck, has applied for Solana ETFs, with a decision expected from the SEC by mid-October [4] - DeFi Development Corporation holds over $456 million in Solana, marking it as the largest holding by any public company, while Galaxy Digital and others have allocated $1.65 billion to establish a Solana treasury company [5] Utility Requirement - Despite the influx of institutional investment through ETFs and corporate treasuries, real-world utility for Solana is necessary to support any significant price increase [5]