Galaxy Digital has acquired 2.31 million Solana (SOL) tokens worth approximately $536 million within a 24-hour period, according to blockchain data from Arkham Intelligence. The tokens were transferred from wallets on major exchanges including Binance, Coinbase, and Bybit.
This massive accumulation follows Galaxy's recent leadership in a $1.65 billion private placement for Forward Industries (NASDAQ: FORD), alongside Jump Crypto and Multicoin Capital. The three investment firms collectively subscribed for over $300 million of the placement. Forward Industries is transitioning into a Solana digital asset treasury company and plans to use the proceeds to purchase SOL as part of its strategic repositioning.
The institutional buying pressure has driven Solana's price to break past $220 for the first time in eight months, reaching $236.83 with a 6% gain over 24 hours. This breakout triggered over $17 million in short liquidations across trading platforms. Solana has now surpassed BNB to become the fifth largest cryptocurrency by market capitalization at $126.4 billion.
Technical analysis suggests potential targets of $300-$400 as SOL holds above key support levels. The weekly chart shows Solana building a strong base since early 2024, with the 100-day moving average trending positively underneath current prices.
Industry leaders including Galaxy CEO Mike Novogratz have declared the market is entering a "season of Solana," citing strong momentum and favorable regulatory signals. Bitwise Chief Investment Officer Matt Hougan echoed this sentiment, highlighting corporate treasury purchases and upcoming spot Solana ETFs as bullish catalysts.