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Galaxy Digital’s aggressive SOL accumulation underpins bullish Solana outlook
Solana (SOL) price momentum has strengthened after Galaxy Digital, via its Solana treasury vehicle Forward Industries, completed a rapid accumulation of SOL tokens. Institutional appetite for Solana is now a major driver of market sentiment, propelling SOL toward fresh resistance levels and increasing speculation of a $245–$250 breakout.
Institutional buys: the numbers behind the move
On-chain tracker Lookonchain reports that Forward Industries bought roughly 4.3 million SOL over a three-day window, adding to an earlier 4.86 million SOL purchase made in a single 24-hour period. Galaxy’s most recent purchases lifted its total holdings to about 6.5 million SOL — valued at roughly $1.55 billion at current prices — with the bulk placed into institutional custody on Coinbase Prime.
Forward Industries initially raised $1.65 billion to build a dedicated Solana treasury backed by Galaxy Digital, Multicoin, and JumpCrypto. With significant capital already deployed, demand pressure from this institutional treasury is an important bullish catalyst for SOL.
Price technicals: $245–$250 in sight, $270+ possible
SOL is trading near $240 as of this writing, having climbed around 16% over the past week despite a modest intraday pullback. The token is holding well above the early-month breakout level near $215 and recently cleared resistance close to $220. Technicals suggest a clear close above $245–$250 could open the path to $270 and potentially $300 if buying volume and on-chain growth persist.
Support sits around the $220 area; failure to defend that floor could trigger a steeper correction toward $210 or $200, particularly if profit-taking accelerates or broader crypto market risk appetite softens.
Solana price chart
Fundamentals remain strong: DeFi TVL and ecosystem inflows
Beyond institutional accumulation, Solana’s fundamentals are improving. Total value locked (TVL) across Solana DeFi protocols has climbed above $13 billion, setting new highs as capital migrates into lending, AMMs, and staking opportunities. This growing on-chain activity supports the token’s market-cap expansion — SOL recently overtook BNB to become the fifth-largest cryptocurrency by market capitalization.
What to watch
- Continued buying from Galaxy Digital and other institutional players.
- On-chain metrics: TVL growth, active addresses, and staking inflows.
- Technical confirmation: a sustained close above $250 would be a key bullish signal.
- Risk factors: macro headwinds, exchange outflows, or rapid profit-taking that could push SOL back toward $200–$220.
Overall, combined institutional demand and improving on-chain fundamentals leave Solana well-positioned for further gains, though traders should monitor support levels closely and watch for confirmations on volume and network growth.
Source: crypto
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