- Galaxy Digital pulled $40M in Solana as DeFi TVL hit record highs. SOL trades near $220, with investors watching the $225 breakout zone.
Galaxy Digital has made a bold move in the Solana market. The Mike Novogratz-led firm withdrew $40 million worth of SOL from Binance and Coinbase wallets today. The size and timing of the transfer suggest more than routine treasury management. For many in the market, it reads as a show of confidence in Solana’s long-term trajectory at a time when the blockchain is printing record highs across its DeFi ecosystem.
Solana is currently trading around $220.25, consolidating after a strong multi-month climb from its March lows near $120.
Solana DeFi Activity Breaks Records
According to DefiLlama data, Solana’s total value locked (TVL) has surged to $12.35 billion, up nearly 2% in just 24 hours and setting an all-time high in dollar terms. Stablecoin supply on the network also climbed to $12.77 billion, while on-chain fees generated $1.24 million in the past day.
It’s a sign of how quickly Solana’s DeFi landscape is deepening. The growth has been turbo-charged by the launch of Jupiter Lend, which has already pulled in $600 million in TVL within two weeks. Jupiter’s broader ecosystem now holds $3.38 billion, up more than 25% in the last month, ranking it among the top protocols in the Solana network.
Galaxy Digital’s Expanding Footprint
Galaxy Digital’s move ties into its broader push into the Solana ecosystem. Alongside Jump Crypto and Multicoin Capital, the firm recently backed a $1.65 billion PIPE deal for Forward Industries. Forward is establishing itself as a publicly traded institutional player built on Solana, with a mandate to generate on-chain returns and drive shareholder value by actively deploying capital across DeFi markets.
The magnitude of the hike indicates that institutions’ perceptions of Solana have changed. It is currently being capitalized as an infrastructure layer that can manage billions of institutional flows, whereas previously it was considered a high-beta experiment.
Solana Price Chart Analysis
- Current price: $223.01
- Resistance: $225 is the level to beat. A clean break above could set up a move toward $240 and possibly $260.
- Support: First layer sits at $200, with stronger footing near $185 if pressure builds.
- Momentum: MACD remains in positive territory, showing buyers are still in control.
Trade entry point: Dips toward $210–200 may offer opportunities for bulls aiming for a $240 retest. A breakdown under $200, however, would signal fading strength.
Solana Outlook: What Comes Next
The combination of Galaxy Digital’s $40 million withdrawal and the record-setting TVL tells a clear story: institutional capital is starting to treat Solana as core infrastructure, not just a speculative trade. That shift matters because it deepens liquidity, builds confidence, and draws more developers into the ecosystem.
From a price perspective, the $225–230 zone remains the pivot. A decisive breakout would likely attract further momentum flows, opening the way toward $260–280 and keeping $300 in view as psychological resistance. If Solana fails here, the risk is a pullback to the $195–200 area before buyers test the floor again.
Longer term, the narrative is firming: Solana is no longer the “Ethereum alternative” chasing relevance, it is carving out its own lane with DeFi depth and institutional participation. If adoption keeps accelerating, this latest rally could mark the early stages of a more structural re-rating in the token’s value.
Solana FAQs
Yes, but it needs a clean breakout. If buyers push through $225–230, momentum could carry it to $260 quickly.
If $260 falls, $280–300 is in play. But that’s also where sellers may lock in profits, so expect turbulence.
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