- Galaxy Digital withdrew $40M in SOL while backing a $1.65B Solana-focused treasury raise, signaling deep institutional confidence.
- Solana DeFi TVL hit a record $12.35B, with stablecoin supply at $12.77B and daily on-chain fees topping $1.24M.
- Jupiter Lend exploded to $600M TVL in under two weeks, helping drive SOL toward a key $225–$230 breakout zone.
Galaxy Digital just yanked $40 million worth of SOL off Binance and Coinbase—and the timing couldn’t be louder. At the same moment, Solana’s DeFi ecosystem pushed to a fresh all-time high with $12.35 billion in total value locked. For many, this combo screams one thing: institutions are circling Solana with conviction, not hesitation.
A Big Bet Backed by Big Money
Mike Novogratz’s Galaxy Digital isn’t new to the Solana story, but this latest withdrawal fits neatly with a bigger strategy. Alongside Jump Crypto and Multicoin Capital, the firm helped fund a $1.65 billion PIPE deal for Forward Industries, the largest Solana-focused raise yet. The goal? Build an institutional machine that doesn’t just sit on tokens but actively works the DeFi markets to generate on-chain returns. It’s a clear vote of confidence in Solana’s future as more than just another altcoin.
Solana’s DeFi Party Hits New Highs
DefiLlama data shows TVL on Solana cracking $12.35 billion in dollar terms—an all-time high—while stablecoin supply is holding around $12.77 billion. On-chain fees alone pulled in $1.24 million in just one day. The wild part? Solana still hasn’t topped its SOL-denominated TVL high from June 2022, back when the token was trading for about $30. With SOL now near $220, the ecosystem’s dollar growth looks even more explosive. Market cap is brushing $118.6 billion, only 4% away from a new record.
Jupiter’s Rise and Price Setup
Much of the momentum comes from Jupiter, especially its new lending arm, Jupiter Lend. In less than two weeks it locked $600 million, pushing the protocol’s total to $3.38 billion. That’s a 25% TVL jump in just a month—numbers rival DeFi’s biggest names.
On the price side, SOL is coiling near $220, pressing up against resistance in a rising wedge pattern. Break $225–$230 and analysts see clear skies toward $260–$280, maybe even $300 if the FOMO hits. But a rejection could drag SOL back to $200, maybe $175 if sellers get their way.
Between Galaxy’s $40M withdrawal, the $1.65B institutional backing, and Solana’s DeFi blowing past records, it’s hard to shake the feeling that SOL isn’t done making noise in 2025.
