TLDR
- Galaxy Digital deposited $103M worth of SOL to Coinbase in systematic transfers
- Company posted $156M Q2 2025 profit while reportedly building $1B Solana treasury
- Technical analysis shows SOL recovery from $195 with $205 resistance ahead
- Analysts target $250 breakout with potential $400+ upside
- Mixed signals as exchange deposits contrast with long-term accumulation plans
Galaxy Digital executed a strategic $103 million Solana transfer to Coinbase this week, sparking intense market speculation. The crypto investment firm moved 500,000 SOL tokens through multiple batches ranging from 50,000 to 80,000 tokens each.
On-chain data from Arkham Intelligence reveals the systematic approach behind these transfers. The most recent deposit on August 31 involved 50,000 SOL worth $9.9 million, demonstrating calculated execution rather than panic selling.
Despite the large exchange deposits, Galaxy maintains approximately 2,000 SOL tokens plus diversified holdings in PYUSD, POPCAT, JTO, and Helium. The company’s Q2 2025 performance showed remarkable improvement with $156 million profit, reversing previous year losses.
Strategic Treasury Accumulation
Reports from Milk Road Daily suggest Galaxy is simultaneously building a $1 billion Solana treasury. This would position the firm as one of the largest SOL holders globally, roughly three times bigger than current leader Upexi.
Such massive accumulation would effectively transform Galaxy stock into a publicly traded Solana proxy for traditional investors. The dual strategy of short-term liquidity management and long-term positioning reveals sophisticated market approach.
CEO Mike Novogratz attributed the company’s strong performance to growing institutional crypto adoption. Trading gains and higher management fees drove the profitable quarter while the firm expanded its Solana exposure.
Technical Recovery Momentum
Solana’s price action shows recovery signs after testing critical $195 support. The token broke above a bearish trend line at $201 and surpassed both $198 and $200 resistance levels during its bounce.
Current trading around $203 faces immediate resistance at $205, coinciding with the 50% Fibonacci retracement level. Technical indicators support bullish momentum with hourly MACD gaining pace and RSI above 50.
Analyst Dus identified SOL’s reclaimed macro rising wedge structure on weekly charts. The clean bounce off the 200-week moving average establishes strong structural support for further upside moves.
Solana Price Prediction
Key resistance sits at $250, with successful breakout potentially triggering price discovery mode. Dus projects midterm targets reaching $400+ if SOL clears prior highs and enters uncharted territory.
However, analyst Ted Pillows warns of potential correction to $160-$180 liquidity cluster if Bitcoin and Ethereum lose September momentum. Such pullback could provide healthy consolidation before Q4 rally.
Support levels remain at $200 and $195, while resistance targets $205 and $209. Break below $195 could send SOL toward $188 support zone in near-term scenarios.
The technical setup favors bulls with rising wedge reclaim and 200-week MA support intact. Galaxy’s complex strategy of exchange deposits versus treasury building creates mixed but ultimately bullish long-term outlook for Solana price action.
