Galaxy Digital has been making significant moves with Solana, sparking speculation and debate within the crypto community. The firm recently transferred 500,000 SOL, valued at approximately $103 million, to Coinbase in several smaller transactions. This type of large-scale transfer to an exchange often raises concerns about potential sell pressure and profit-taking, but it also comes amid reports that Galaxy is planning a much larger move.
According to some reports, Galaxy Digital is in the process of building a $1 billion Solana treasury, which would make it one of the largest SOL holders in the world. This ambitious plan could effectively position Galaxy Digital’s stock as a proxy for Solana, offering traditional investors a way to gain exposure to SOL’s performance.
This dual strategy—transferring a large amount of SOL to an exchange while also reportedly building a massive treasury—has created a mixed picture for traders.
On the technical side, Solana’s price analysis offers both bullish and cautious outlooks. Analyst Dus sees a strong bullish trend, noting that SOL has reclaimed its macro rising wedge structure and bounced off the 200-week moving average. This analysis targets $250 as the next key resistance, with a potential for a push to $400+ if that level is broken.
In contrast, analyst Ted Pillows is more cautious, pointing to a liquidity cluster in the $160–$180 range. He suggests that a dip to this level could be a healthy correction before Solana attempts to reach new all-time highs in the fourth quarter.
Ultimately, the market for Solana is at a critical juncture, balancing short-term volatility from moves like Galaxy’s transfer with the long-term opportunity presented by its underlying technical strength and potential institutional interest.
September 2025, Cryptoniteuae
