Galaxy Digital’s Buy Sparks $1.16 Billion Solana Market Move

As reported by Wu Blockchain, Galaxy Digital has made a huge buzz after buying around 5 million Solana (SOL) tokens. That is worth about $1.16 billion, just over the past three days. The company transferred 4,719,937 SOL (around $1.11 billion) to Coinbase Prime custody as data from Lookonchain said. The remaining 219,830 SOL, worth $53.5 million, is still in Galaxy Digital’s wallet.

This is one of the biggest institutional buys of Solana in the recent months. It shows the increasing interest from the big investors in the Solana network.

A Huge Purchase in Three Days

Galaxy Digital bought 2,159,182 SOL on the first day, which is around $486 million. They bought the tokens from big exchanges like Binance, Bybit, and Coinbase. The next day, the firm bought another 706,790 SOL, that is worth $160 million. These transactions have changed Solana’s price way past $220, making it reach its highest level in eight months.

The purchases also made $17 million worth of short bets on Solana to be closed. Traders who bet against Solana had to close their positions, and so increasing the market activity.

Partnership with Forward Industries

Galaxy Digital is not just doing this alone. They are working with Forward Industries, a company that is moving its treasury into Solana. Galaxy, with Jump Crypto and Multicoin Capital, helped to invest $1.65 billion privately in Forward Industries. Galaxy itself put in more than $300 million.

This partnership is aiming to make Solana’s ecosystem stronger. Forward Industries plans to use Solana for fast and cheaper transactions. Analysts says that this move shows confidence in Solana’s long term growth.

Why This Matters for Solana

Galaxy Digital’s buy could actually be a much bigger trend. A lot of people are saying that institutional investors are now taking Solana more seriously. Analysts are saying that this move could be the start of a “Solana season.” Where the token could get more attention and value too.

If this energy keeps on going, some predict that maybe Solana could reach $300 to $400. Backing like this from big companies like Galaxy Digital makes the network more trustworthy. It also reassures the other investors that Solana can handle big transactions.

Growing Institutional Confidence

Solana has gotten competition from Ethereum and other blockchains. Their network is known for the speed and cheaper costs. These features are more attractive to companies that are looking for effective options to Ethereum.

By making treasuries that are focused on Solana, companies like Forward Industries shows that they trust the network. The support from Galaxy Digital and other investors also shows a new rising trend. And more companies also might follow the same path in the up coming months.

Market Reactions

The crypto community instantly noticed Galaxy’s purchases. Social media and trading platforms spoke about the big buy. A lot of traders saw it as quite a bullish signal. Solana’s price went up quickly as a reply to that.

Experts suggests that big institutional buys can impact the market. When a famous company makes a big investment, smaller investors usually follow and do the same. This effect can make more people to trade and help to keep the prices more stable.

Looking Ahead

Galaxy Digital’s moves show that Solana is getting some serious attention from big investors. The company’s plan mixes direct investment and partnership with other companies. And this way could make Solana stronger in the market.

Investors and traders will most probably watch Solana up close in the up coming months. If more big investors back it, the blockchain could grow and become even more stable.