Galaxy Digital Transfers $103 Million in Solana to Coinbase

Galaxy Digital transferred 500,000 SOL, valued at approximately $103 million, to Coinbase in several transactions ranging from 50,000 to 80,000 SOL. The last transfer occurred on August 31, involving 50,000 SOL worth nearly $9.9 million.

Market Reactions

Large transfers often signal potential sell pressure.
Galaxy retains around 2,000 SOL (approximately $400,000) and other tokens.
The transfer raises questions about short-term liquidity needs or profit-taking amidst Solana's recent strength.
Current trading price of Solana is around $203 despite the significant inflow.

Strategic Developments

Galaxy Digital is reportedly building a $1 billion Solana treasury, which could position it as one of the largest SOL holders, surpassing Upexi.
This strategy may turn Galaxy ($GLXY) into a publicly traded proxy for Solana.
The company’s dual focus includes both short-term liquidity management and long-term asset accumulation.

Technical Analysis

Solana’s weekly chart shows a bullish outlook; $250 is identified as key resistance.
A breakout above this level could lead to new price discovery, with midterm targets exceeding $400.
Analyst concerns center around a liquidity cluster in the $160–$180 range if major cryptocurrencies lose momentum.

Conclusion

The market is currently assessing whether Solana will test lower liquidity levels before aiming for all-time highs in Q4. It remains a focal point for investors in 2025.