“Solana is the new Wall Street,” explains Bitwise CIO Matt Hogan.

Solana’s role in the race to win a tokenized market attracted new attention this week when Bitwise CIO Matthew Hogan called it “the new Wall Street.”

Speaking to Solana Labs’ Akshay Rajan on October 2nd, Hougan said global financial leaders are increasingly aware of the disruptive potential of stability and tokenization.

He said the head of the SEC and banks in England, along with BlackRock’s CEO, is informing us all that digital assets can restructure payments and securities markets. Hougan added that the story resonates strongly with investors who understand the scale of change that such technology could bring.

Comparisons between platforms inevitably continue as Hougan begins to explore ways that audiences will gain exposure to the blockchain. In that evaluation, he argued that Solana’s combination of speed, throughput and the finality of the Institute made him “very attractive.”

He cited the improvements at payment speeds ranging from 400 to 150 microseconds, explaining that they are intuitive to those accustomed to trading environments where execution and delay are important.

Framing Solana as “a new Wall Street,” Hougan said the blockchain’s technical edge resonates with market participants. He added that the story is “really resonant” and “you see a fair amount of flow.”

Technical Analysis of SOL Price Action

According to Coindesk Research’s Technical Analytics Data Model, in the 23-hour session from October 3rd to 14:00 UTC at UTC 15:00 UTC, Sol traded within the narrow $8.40 range of $228.19 to $237.04, reflecting the integration period.

The high was set at $237.04 on October 3 at around 16:00, and after that, due to stable sales pressure, the price fell to the $228-229 area, serving as support.

Trading activity was the strongest early in the session, peaking at 3.29 million units around 5pm, but gradually fell to 42,637 by the time of closing time during the analysis period. This sudden decline in volume suggested a weakening of participation before a larger directional movement and a potential pause.

In the final 60 minutes from 13:11 to 14:10 UTC on October 4th, Sol fell below the established $228-$229 support zone. Prices fell from $229.84 to $228.94, with a 0.39% drop to a bearish shift.

Within this window, the market presented two phases. It was followed by an early rebound attempt at 13:38 to temporarily raise the price to $229.78, followed by an updated sale that reduced the token to $228.72.

Importantly, this failure coincided with a surge in volume. The busiest minutes occurred at 14:01 when 18,011 units were traded. This is the best one minute read of the session.

This pattern of price decline along the rising volume suggests that larger sellers are active, and could increase the likelihood that bearish momentum will continue.

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