Galaxy Digital Snaps Up 6.5 Million SOL in Five Days, Fueling Massive Market Momentum: Is Solana About to Break Out?

Galaxy Digital Fuels Solana Rally With $1.55 Billion Token Accumulation

Solana has captured heightened attention in the cryptocurrency market, trading at $243.15 with a 17.4% rise over the past seven days and nearly 30% gain over the past month.

The surge is being driven largely by institutional activity, with Galaxy Digital emerging as a key player.

Over the past five days, the firm acquired 6.5 million SOL tokens worth approximately $1.55 billion, moving large batches across multiple exchanges before transferring them to custody provider Fireblocks.

Each transaction involved hundreds of thousands of SOL, amounting to millions of dollars at a time.

On Sunday alone, Galaxy bought 1.2 million SOL worth $306 million, demonstrating the scale and speed of its accumulation.

Partnerships Extend Institutional Reach Into Solana

Galaxy Digital has not acted alone.

The firm joined forces with Multicoin Capital and Jump Crypto to lead a $1.65 billion private placement round in Forward Industries, a medical device company pivoting to become a major Solana treasury holder.

Forward Industries shares responded sharply, rallying 16% over five trading days to close at $36.10, and achieving a staggering 620% year-to-date gain.

Michael Pruitt, CEO of Forward Industries, said,

“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world.”

Technical Momentum Signals Potential Breakout

Analysts note that Solana is forming a cup-and-handle pattern approaching completion, testing resistance between $245 and $250.

The structure suggests months of steady accumulation could soon translate into a significant upside.

Support levels are holding around $225, with low resistance overhead, potentially smoothing the path higher toward targets in the $320-$340 range.

Long-term trends, including the ascending trendline from 2021, continue to provide structural support, indicating steady buyer confidence.

Treasury Companies Drive Solana Adoption

Beyond Galaxy, other Solana-focused treasury companies are actively accumulating assets.

DeFi Development Corp reached 2 million SOL after investing $117 million in eight days, while Helius CEO Mert Mumtaz estimates that institutional Solana treasuries have collectively raised $3-$4 billion.

Galaxy Digital itself became the first Nasdaq-listed firm tokenised on the Solana blockchain on 3 September, highlighting the growing integration between traditional finance and Solana infrastructure.

Total value locked on Solana recently hit $12 billion, second only to Ethereum across DeFi projects.

Market Leaders See Solana As Next Investment Frontier

Galaxy’s CEO, Mike Novogratz, called the recent $1.65 billion fundraise for Forward Industries a signal that “treasury companies focused on altcoins are bringing new energy and money into the space.”

He highlighted Solana’s high transaction speed and capacity as ideal for financial market applications.

Similarly, Bitwise CIO Matt Hougan noted the potential for spot Solana ETFs in the U.S., with regulatory decisions expected by 10 October, and argued that even modest capital inflows could significantly impact SOL prices due to the blockchain’s efficiency and scalability.

Could Massive SOL Purchases Reshape The Crypto Landscape?

Galaxy Digital’s aggressive buying strategy appears to have contributed directly to Solana’s recent price momentum, raising questions about how concentrated institutional accumulation influences market behaviour.

Coinlive notes that the combination of high-frequency, high-volume purchases and the launch of treasury companies like Forward Industries may not only lift prices but also shift broader market perceptions of Solana’s viability as an investment.

The move provokes thought on whether similar institutional activity could become a recurring driver for altcoin performance, signalling a new chapter in the relationship between traditional finance and blockchain adoption.