In a powerful show of institutional conviction, Mike Novogratz’s Galaxy Digital withdrew a massive $40 million worth of Solana (SOL) from major exchanges Binance and Coinbase. This move coincides with a monumental milestone for the network: its Decentralized Finance (DeFi) Total Value Locked (TVL) has surged to a new all-time high of $12.35 billion, underscoring unprecedented growth and strength.
Why Galaxy Digital’s Move Is a Big Deal
When a giant like Galaxy Digital pulls such a large amount of tokens off an exchange, it’s a classic bullish signal. It suggests they are moving the assets into cold storage for the long term, reducing the immediate selling supply on the market.
This isn’t an isolated bet. Galaxy Digital is part of a $1.65 billion financing round for Forward Industries, the largest Solana-focused treasury raise to date. This initiative, which includes Jump Crypto and Multicoin Capital, aims to create a publicly-traded institutional powerhouse that actively engages in Solana’s DeFi markets to generate yield and shareholder value.
Solana DeFi Breaks All-Time High
The fundamental backdrop for this institutional interest is incredibly strong. Data from DefiLlama confirms Solana’s DeFi ecosystem is booming.
- DeFi TVL: $12.35 billion (Record High in USD terms)
- Stablecoin Market Cap:Â $12.77 billion
- 24h Fees:Â $1.24 million
While the TVL in SOL terms hasn’t yet reclaimed its 2022 peak, the dollar-value record is what matters for attracting new capital and validating the network’s utility.
Jupiter Emerges as a Key Growth Driver
A major catalyst behind this TVL surge is the explosive launch of Jupiter Lend. In just two weeks, the lending protocol has amassed over $600 million in TVL, single-handedly lifting its parent protocol, Jupiter, to a total TVL of $3.38 billion.
This phenomenal growth has cemented Jupiter’s position among the top Solana DeFi protocols, outperforming rivals with a 25.2% TVL increase over the past month.
SOL Price Prediction: Key Level to Watch
Technically, SOL is at a critical juncture. It’s currently trading around $220, consolidating near the upper boundary of a rising wedge pattern.
- Bullish Scenario: A decisive break above the $225-$230 resistance zone could trigger a rally toward $260-$280, with a potential test of its all-time high near $294.
- Bearish Scenario: If it fails to break out, SOL could retrace to support at $195-$200, with a deeper fall toward $175 possible if selling pressure intensifies.
The Bottom Line
The combination of massive institutional backing, a record-breaking DeFi ecosystem, and a strong technical setup creates an incredibly bullish case for Solana. Galaxy Digital’s $40 million withdrawal is a vote of confidence that echoes across the market. If these trends continue, SOL is well-positioned for a potential run to new all-time highs, making it one of the most compelling narratives in crypto for the remainder of 2025.
