Solana’s role in catching tokenized markets gained new attention this week when Bitwise Cio Matthew Hougan called it “The New Wall Street.”
Hougan said with Solana Labs’ Akshay Rajan on October 2nd, saying that global economic leaders are increasingly recognizing the disruptive potential of stableecoins and tokenization.
He noted that the leaders of the SEC and Bank of England together with Blackrock CEO have all signaled that digital assets could reshape payments and securities markets. Hougan added that this tale resonates strongly with investors who understand the extent of change that such technologies could bring.
Hougan said that when the audience begins to consider how to get exposure to blockchain, comparisons between platforms inevitably follow. In this evaluation, he argued, makes Solana’s combination of speed, flow and near-instant finality the “extraordinarily attractive.”
He cited improvements from 400 microseconds to 150 microseconds in settlement speed and described the function as intuitive to those who are used to trading environments where execution and latency are critical.
Framing Solana as “the new Wall Street,” Hougan said that blockchain’s technical edge resonates with market participants. He said the narrative is “really resonant” and added that “you will see significant streams.”
Technical Analysis of Sun’s Price Action
According to Coindesk Research’s technical analysis data model, during the 23-hour session from October 3 at 1 p.m. 15:00 UTC to October 4, UTC 14:00, Sol traded within a narrow $ 8.40 interval between $ 228.19 and $ 237.04, reflecting a period of consolidation.
The high one was set at $ 237.04 around 16:00 on October 3, before the shocked sales pressure pushed the price lower against the range $ 228- $ 229, which served as support.
Trade activity was strongest early in the session, where volumes peaked with 3.29 million units around 17:00, but gradually fell to only 42,637 at the closed hour during the analysis period. This sharp reduction in volume suggested weakening participation and a potential break before a larger directional move.
In the last 60 minutes, from 13:11 to 14:10 UTC on October 4th, Sol broke under the established $ 228- $ 229 support zone. Prices fell from $ 229.84 to $ 228.94, a fall of 0.39%confirming the bearish shift.
Within this window, the market showed two phases: an early rebound trial that briefly lifted the price at $ 229.78 at. 13:38, followed by renewed sales driving the token down to $ 228.72.
It is important that this collapse coincided with an increase in volume. The only busiest minute took place at. 14:01, when 18,011 units traded the highest reading in one minute of the session.
This pattern of falling price along with increasing volume suggested that larger sellers were active, which potentially increased the likelihood of bearish momentum continuing.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
