Actually Sun co-created SVR4 8-). Quite early, I think in 1987 Sun and AT&T cut a deal (As I remember Sun stock was also involved) to jointly develop and market a unified version of Unix, containing features from SunOS, SVR3.2, 4.3BSD and Xenix (that originally was based on V7 and marketed by Microsoft).
Such a unified version was not unwelcome after a decade of incompatible Unix versions from many different vendors. When SVR4 was released in 1988 it also promised compliance with the then new IEEE Posix standard. And additionally, the Berkeley CSRG had made clear on several occasions that they would not and could not offer commercial-grade support on their BSD system: they were an academic research group after all. And since the BSD source code was not yet publicly available, these were quite convincing arguments for both the Unix system vendors and their customers to move away from BSD toward SVR4.
Of course the Sun-AT&T deal by itself caused quite a few new schisms. And Sun seriously botched the first releases of there SVR4 version (especially Solaris 2.2 and 2.3), which made Sun customers stick with SunOS 4 for a very long time (some even "downgraded" from Solaris to SunOS in response to continuing issues). The last release of SunOS (4.1.4) was in 1994, and I guess nobody expected it to last that long (especially not Sun).
I don't think hardware was much a driver for Solaris. SunOS was also available for the Sparc and the M68K was quickly forgotten after the introduction of the Sparc. And though there actually was an MP version of SVR4 available at a certain point in time, it really smelled badly 8-) The reputation of Solaris for SMP stems mostly from its later releases (from Solaris 6 onwards) that considerably diverged from pure SVR4.
So there probably were not many hardcore technical reasons to move to Solaris. But there was a class of users for whom the technical problems with Solaris (e.g. with its weird socket interface) motivated a move away from it during the first years of the Internet boom toward Linux and (of course) FreeBSD (both at least SunOS-like) and to Windows NT.