Solana Sees Soaring Institutional Interest and On-Chain Growth as Galaxy Digital and Whales Accumulate $SOL
The post Solana Sees Soaring Institutional Interest and On-Chain Growth as Galaxy Digital and Whales Accumulate $SOL appeared on BitcoinEthereumNews.com.
Solana is back in the spotlight, frequenting news cycles in a way it hasn’t since the FTX collapse. This renewed interest appears to be stemming from several places: • Institutional investors like Galaxy Digital are significantly increasing their exposure to the network’s native SOL token (as seen in the next section). • Various cross-chain metrics suggest Solana is gaining momentum again after a tough 2023, with Ethereum-based projects like Aave and Curve having migrated to the Solana blockchain as of just this past week. Solana’s decentralized apps (dApps) are raking in the revenues, and its native token is being diligently traded by whales. All’s well in Solana City, and there’s a good chance we’re heading toward a Solana future. For the Solana Layer-1 blockchain, all signs and portents right now point to an increase in user demand for its high-throughput trading capabilities. Galaxy Digital Adds $95M in $SOL Amid Growing Institutional Demand The digital asset investment firm, Galaxy Digital, which is led by Mike Novogratz, seems to be confidently betting on Solana. Just in the past week, the firm has taken off from centralized exchanges about $95 million worth of $SOL, and in the same week, has also taken off from centralized exchanges approximately $40 million worth of $MATIC. Mathematics is not a betting firm. It is a digital asset investment intelligence firm, and its calculations are made with an eye on the coming years, if not decades. The latest development is that Galaxy has taken yet another 123,058 $SOL (worth $17.1 million) from Binance, bringing their total even higher. In fact, this suggests that they see Solana’s ecosystem as something they might derive “long-term” value from—even if the rest of the crypto market remains buffeted by volatility and all the usual macroeconomic uncertainties. The withdrawals’ timing is noteworthy. With…
Filed under: News - @ April 22, 2025 3:21 pm