Galaxy Digital Withdraws $40 Million in Solana as TVL Reaches All-Time High
Galaxy Digital withdrew $40 million worth of SOL from Binance and Coinbase on September 10, indicating confidence in the token's long-term value. This follows record highs in Solana's decentralized finance (DeFi) ecosystem, with total value locked (TVL) reaching $12.35 billion.
- Solana's DeFi TVL increased by 1.8% from the previous day.
- Stablecoin market capitalization on Solana is at $12.77 billion.
- On-chain fees generated $1.24 million in the past 24 hours.
- Galaxy Digital’s withdrawal is part of a $1.65 billion PIPE financing for Forward Industries, aimed at establishing a significant presence in Solana's network.
- Jupiter Lend launched, contributing over $600 million to TVL within two weeks.
- SOL trades at $220.25, nearing resistance levels between $225-$230.
- A breakout could lead to price targets of $260-$280, while failure may see retracement to $195-$200.
Solana is approaching new all-time highs, with its market capitalization at $118.6 billion, just 4% shy of its historical peak. However, it remains 25% below its all-time high price of $294.
SOL daily chart with momentum indicators.