- Solana rallied 18% this week, hitting $240, fueled by Galaxy’s $724M withdrawal from exchanges.
- The move is tied to Forward Industries’ $1.65B Solana treasury, with Galaxy managing assets.
- Anticipated SOL ETFs and institutional treasuries could extend Solana’s outperformance.
Solana (SOL) jumped to nearly $240 on Friday—its strongest level since January—after Galaxy Digital withdrew over $724 million worth of tokens from major exchanges like Binance and Coinbase. Blockchain data from Arkham Intelligence revealed that roughly 3.1 million SOL were moved off exchanges within two days. The maneuver is widely linked to Forward Industries, a digital asset treasury firm that recently raised $1.65 billion with Galaxy as a lead investor.
Forward Industries Treasury Play
Forward Industries plans to anchor its balance sheet in Solana, and Galaxy’s asset management division has been tasked with managing the war chest. The massive off-exchange withdrawals may signal accumulation for this corporate treasury initiative, creating a supply squeeze that pushed SOL higher. Investors are now eyeing how these large-scale treasury strategies could change the long-term dynamics of Solana’s market.
ETF Speculation and Incoming Demand
Bitwise CIO Matt Hougan suggested that Solana could benefit disproportionately from treasury adoption and potential ETF approvals, thanks to its smaller market cap relative to Bitcoin and Ethereum. Galaxy CEO Mike Novogratz echoed this optimism in a CNBC interview, calling it the “season of SOL.” He pointed to Pantera’s upcoming Solana treasury company and growing chatter around SOL ETFs as catalysts that could unlock fresh institutional demand.
Solana’s Outperformance Continues
Compared to Bitcoin’s 4% and Ethereum’s 5% weekly gains, Solana’s 18% surge underscores its growing appeal among both institutions and retail traders. On top of treasury demand, Solana’s role in tokenization efforts is expanding—Galaxy itself chose Solana’s blockchain to tokenize its stock with Superstate earlier this month. If ETF approvals and corporate treasuries align, Solana may be setting the stage for a breakout run deeper into 2025.
