TLDR
- Solana surged past $230 reaching an eight-month high after Galaxy Digital’s massive $536 million token acquisition
- Galaxy purchased 2.31 million SOL tokens across 24 hours while leading $1.65 billion Forward Industries investment
- Short liquidations exceeded $17 million as institutional buying pressure mounted across exchanges
- Technical indicators suggest potential price targets between $300-$400 in coming months
- Forward Industries transforms into Solana treasury company following Galaxy’s strategic investment
Solana has broken through the $230 resistance level for the first time since January. The breakout triggered widespread short liquidations totaling over $17 million.
Galaxy Digital orchestrated the price surge through strategic token accumulation. The investment firm acquired 2.31 million SOL tokens worth $536 million within 24 hours.
Arkham Intelligence data reveals Galaxy received tokens from multiple sources. The transfers originated from wallets connected to Binance, Coinbase, and Bybit exchanges.
This buying activity coincides with Galaxy’s broader investment strategy. The firm recently led a $1.65 billion private placement in Forward Industries.
Galaxy’s Strategic Treasury Play
Forward Industries is executing a transformation into a Solana-focused treasury company. The Nasdaq-listed firm trades under ticker FORD and gained 135% over five days.
Galaxy partnered with Jump Crypto and Multicoin Capital for the investment. The three firms collectively subscribed for over $300 million of the placement.
Forward Industries plans to use proceeds for direct Solana purchases. This creates additional buying pressure beyond Galaxy’s initial token acquisition.
The reverse merger approach allows institutional investors to gain crypto exposure through public markets. Many firms are adopting similar strategies to build digital asset treasuries.
Current data shows public Solana treasuries hold 4.67 million SOL tokens combined. Galaxy’s acquisition represents a substantial increase in institutional ownership.
SOL currently trades at $236.83 with 6% daily gains. The cryptocurrency has surpassed BNB to claim fifth place by market capitalization at $126.4 billion.
Technical analysis reveals strong momentum indicators across timeframes. The 100-day moving average provides support underneath current price levels.
Chart patterns show consecutive higher lows leading to the breakout. This formation typically precedes sustained upward price movements.
Immediate resistance zones appear at $238 and $250 levels. These price points previously acted as supply areas during earlier rallies.
Solana (SOL) Price Prediction
Short-term targets point to the $300 level based on current momentum. The cryptocurrency maintains strong support above $220-$225 zones.
Weekly charts suggest longer-term potential toward $350-$400 range. SOL has built a solid foundation since early 2024 consolidation periods.
Galaxy CEO Mike Novogratz declared the market is entering “Solana season.” He cited improving regulatory conditions and institutional adoption as key drivers.
Bitwise CIO Matt Hougan supports this outlook in recent communications. He highlighted corporate treasury purchases and potential spot Solana ETFs as positive catalysts.
The combination of institutional buying and technical momentum creates favorable conditions. SOL maintains its position as the fifth-largest cryptocurrency by market cap.
