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Galaxy Digital Withdraws $40M SOL as TVL Soars on Solana

5 hours ago
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Key Notes

  • Galaxy Digital withdrew $40M worth of SOL, signaling strong conviction in Solana’s growth.
  • Solana DeFi TVL reached $12.35B, a new all-time high in USD terms.
  • Jupiter Lend has rapidly grown to $600M TVL, cementing Jupiter as the top Solana protocol.

Galaxy Digital withdrew $40 million worth of Solana

SOL
$223.4



24h volatility:
4.5%


Market cap:
$121.14 B



Vol. 24h:
$9.73 B

from Binance and Coinbase on September 10, signaling a strong conviction in the token’s long-term value.

The move comes as Solana’s decentralized finance (DeFi) ecosystem breaks new records, with total value locked (TVL) climbing to record highs.


Galaxy Digital’s Bullish Bet on Solana

Galaxy Digital’s SOL withdrawal aligns with the Mike Novogratz-led firm’s deepening ties to the Solana ecosystem.

The firm, alongside Jump Crypto and Multicoin Capital, announced a $1.65 billion PIPE financing for Forward Industries, marking the largest Solana-focused treasury raise to date.

Forward Industries aims to establish itself as a publicly traded institutional powerhouse within Solana’s growing network.

The strategy includes generating on-chain returns and boosting shareholder value by actively engaging in Solana’s DeFi markets.

Solana DeFi Hits Record TVL

According to DefiLlama, Solana’s DeFi TVL has surged to $12.35 billion, up 1.8% from the previous day and marking an all-time high in dollar terms.

Stablecoin market capitalization on the network stands at $12.77 billion, while on-chain fees generated $1.24 million in the past 24 hours.

While TVL in USD terms is at record levels, the network has yet to reclaim its SOL-denominated ATH of 68.13M SOL from June 2022. Back then, SOL was priced near $30, compared to today’s significantly higher valuations.

Meanwhile, Solana’s market capitalization sits at $118.6 billion, with the token just 4% away from breaking its historical all-time high valuation. Yet prices still sit at a 25% discount from the ATH of $294.

Jupiter Drives Growth

As per SolanaFloor, a major driver of this growth has been the launch of Jupiter Lend, which has already amassed over $600 million in TVL within two weeks, lifting Jupiter’s overall protocol TVL to $3.38 billion.

Jupiter is now ranked among the top Solana DeFi protocols, outperforming rivals with a 25.2% TVL increase over the past month.

SOL Price Analysis: Approaching a Critical Level

Solana is trading at $220.25, consolidating near the upper boundary of a rising wedge pattern. After a strong recovery from its March lows near $120, SOL has steadily climbed within this structure, pressing against key resistance.

A decisive breakout above the $225-$230 resistance zone could trigger continuation toward the $260-$280 range, with psychological resistance near $300 also in play.

SOL daily chart with momentum indicators. | Source: TradingView

SOL daily chart with momentum indicators. | Source: TradingView

However, failure to break higher could see SOL retracing to support levels around $195-$200, with deeper downside risks toward $175 if selling pressure intensifies.

Between Galaxy Digital’s $40 million SOL withdrawal, institutional backing of $1.65 billion, and a record-breaking $12.35 billion TVL milestone, SOL could very well be the next crypto to explode in 2025.

Solana Eyes New All-Time Highs, and Wall Street Pepe (WEPE) Is Ready to Ride the Wave

As Solana approaches new all-time highs, Wall Street Pepe (WEPE) is rapidly gaining attention within the crypto community.

Inspired by the legendary Pepe meme and the aggressive trading style of The Wolf of Wall Street, WEPE provides its community with exclusive market insights and alpha calls, empowering traders to challenge large whale manipulation.

A Strong WEPE Community

Over the past year, Solana has become a leading platform for meme coin trading, especially since the recent market supercycle began. Its prominent launchpad, Pump.fun (PUMP), has already produced over 12.3 million tokens, reinforcing Solana’s dominance in the space.

The WEPE Army is a dedicated group of traders who regularly execute high-impact trades. With the help of the project’s exclusive Alpha Chat, accessible only to WEPE holders, members often achieve returns up to 10 times their investment.

With a focus on community empowerment and innovative technology, WEPE equips its holders with the tools to challenge traditional market forces and participate in the next wave of crypto innovation.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Solana (SOL) News, Cryptocurrency News, News

Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn


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