Solana (SOL) continues to command market attention after Galaxy Digital purchased $300 million worth of SOL in 13 transactions across Binance, Coinbase, and Bybit. The digital assets investment firm has now acquired over 6.5 million SOL in the past five days, worth approximately $1.57 billion, according to on-chain data.
These purchases come as part of a broader Solana-focused strategy. Galaxy, alongside Jump Crypto and Multicoin Capital, recently led a $1.65 billion private placement for Forward Industries.
The move places Forward Industries as a key institutional actor in the ecosystem, with Galaxy moving large batches of SOL into custody wallets on Fireblocks, signaling long-term holding intent.
Novogratz: “Season of Solana” Begins
Galaxy Digital CEO Mike Novogratz has described the current market phase as the “season of Solana.” He emphasized that faster and cheaper blockchains like Solana are now primed for Wall Street adoption, especially as U.S. regulators hint at modernizing crypto rules.
SEC Chair Paul Atkins recently noted that most crypto tokens may fall outside securities law, a stance Novogratz called a “radical departure” from past approaches.
He believes this clarity will accelerate institutional adoption, especially for networks like Solana, which offer high throughput and sub-cent transaction costs without relying on Layer 2 scaling solutions.
Analysts Eye $300 as Next Solana Target
With SOL trading around $233.15, the token has climbed 12% in the past week and over 23% in the past month. Analysts suggest that a breakout above $253 could pave the way toward $272–$300, levels last seen in late 2023.
Matt Hougan, CIO at Bitwise, noted that spot Solana ETFs awaiting SEC approval could unleash further inflows by October. He compared the momentum to Bitcoin’s treasury-driven rallies, saying Solana’s unique blend of speed, scalability, and institutional interest could amplify its price trajectory.
For now, Solana sits just 16% below its all-time high, with bullish technical indicators supporting the case for another leg upward. If Galaxy’s buying spree continues and regulatory clarity arrives, September could introduce another Solana rally.
Cover image from ChatGPT, SOLUSD chart from Tradingview
