Step 1

For the begining make gradient bacground with two colors.

Step 2

Use Outline Font.

Step 3

You must to rasterize your text layer.

Step 4

Now go to Filter>Blur>Gaussian Blir. With this we make to text have some solar effect.

Step 5

Ok. Now go to Filter>Distort>Polar Coordinates. Do like in picture.

Step 6

After that rotate your text Layer 90 CCW.

Step 7

Go back to Filter>Style>Wind. Use this filter like in picture. You may use it for two-three times,depending on your image size.

Step 8

Now rotate layer to first position. 90CW

Step 9

Go back to Filter>Distort>Polar Coordinates. Now select first option. Your text layer must be back to starting position.