Galaxy Digital is making a colossal bet on Solana. Through its dedicated fund, Forward Industries, the firm has purchased a massive additional 4.3 million SOL tokens. This move, worth roughly $1.1 billion, significantly boosts its existing holdings and provides strong support for SOL’s price.
A Billion-Dollar Buying Spree
This recent acquisition is part of an aggressive accumulation strategy. According to on-chain data from Lookonchain, Galaxy bought this latest batch over three days. This follows another enormous purchase of $486 million in SOL made in just 24 hours earlier the same week.
Consequently, Galaxy’s total holdings now sit at a staggering 6.5 million SOL. Valued at approximately $1.55 billion, the company has moved the majority of these assets into institutional custody on Coinbase Prime.
The Power of Forward Industries
This buying spree stems from a recent $1.65 billion fundraise by Forward Industries. Galaxy Digital leads this initiative in collaboration with Multicoin and Jump Crypto, specifically to create a Solana treasury.
The fund is deploying its capital at an astonishing pace, far exceeding expectations. This rapid investment creates a powerful and sustained source of demand for SOL tokens in the market.
Solana Price Holds Strong Amid Demand
Solana’s price is showing remarkable strength, recently becoming the fifth-largest cryptocurrency by market cap. This institutional frenzy is a key reason why.
Currently, SOL is trading around $240. Although it’s down slightly on the day, it remains up an impressive 16% over the past week. Crucially, the token is holding firmly above its key breakout level of $215.
Key Levels to Watch For SOL
The recent surge cleared a major resistance zone around $220. Now, analysts are watching the next ceiling between $245 and $250.
- Bullish Scenario:Â A decisive break above $250 could open the path toward $270 and even $300, especially if this institutional buying continues.
- Support Level:Â Bulls are firmly defending the $220 region. This area should now act as strong support during any short-term pullbacks.
- Bearish Scenario:Â However, if the price falls below $220, it could trigger a sharper correction toward $210 or even $200.
Fundamentals Remain Bullish
Overall, Solana’s fundamentals are robust. The Total Value Locked (TVL) in its DeFi ecosystem has soared to record highs above $13 billion. This growing institutional interest from giants like Galaxy Digital adds another powerful layer of demand, creating a very bullish outlook for SOL’s price.
