Galaxy Digital Transfers 200,000 SOL to Coinbase Worth $39.1 Million

Blockchain analytics platform Lookonchain reported a significant transaction involving Solana (SOL). Galaxy Digital transferred 200,000 SOL, valued at approximately $39.1 million, to Coinbase. This move has raised concerns about a potential sell-off by the firm.

Solana Price Movement

The transfer led to a price decline for Solana, currently trading at $193.18.
This represents a 4.49% decrease over the past 24 hours.
Prior to the decline, Solana was experiencing strong performance compared to other cryptocurrencies.
The drop follows previous high expectations that Solana could reach $300 due to increasing institutional adoption.

Market analysts were optimistic about Solana's prospects with growing interest from institutions, as seen with Fitell Corporation's $10 million initial investment in Solana treasury reserves.

Despite this optimism, the recent transfer and subsequent price dip have impacted investors like Forward Industries, which are facing losses.