Key Insights:
- Galaxy Digital buys 1.2M Solana tokens, totaling $306 million in 24 hours.
- $SOL tests $240-$250 resistance level, with potential for breakout after months of consolidation.
- Analysts predict Solana could reach $400 by Q4 if it breaks the current resistance zone.
Galaxy Digital has added another large amount of Solana (SOL) to its holdings. The move comes as the token tests a key price zone that has held for months. Solana is trading near a critical resistance level that some analysts say could define its next price direction.
Galaxy Digital Ramps Up Solana Purchases
According to the Lookonchain platform, which tracks on-chain movements, Galaxy Digital has purchased 1.2 million Solana (SOL) tokens worth around $306 million within the past 24 hours.
This adds to the firm’s larger buying trend, which has acquired nearly 6.5 million SOL over the last five days, totaling approximately $1.55 billion.
These transactions suggest Galaxy Digital’s ongoing involvement in large-scale digital asset strategies. The buying spree may also reflect confidence in Solana’s network or price potential.
Long-Term Resistance Level Approaches with a Breakout Potential
However, Solana is currently testing a price range between $240 and $250, which has acted as a strong resistance area since 2021. Technical analysts note that Solana has bounced off a multi-year ascending trendline several times since 2021.
Now, it is again near a key resistance level that could define its short-term and long-term path. As of press time, the price of SOL is $236.78, showing a decrease of 3.96% over the last 24 hours. The daily trading volume has reached over $9 billion.
Resistance Level | Source: XCrypto analyst Mr. APE, aka GEM Hunter, notes that $SOL is about to make a generational breakout. He points out that the token is testing multi-month resistance and adds that a confirmed monthly breakout could trigger an explosive move.
Market Conditions Remain Volatile
Market watchers believe that a confirmed breakout could lead to new price levels, with deg_ape aiming for at least $400 in the chart by Q4.
While investor interest is growing, Solana’s price remains volatile, with recent movements showing sharp gains and quick corrections. Large purchases by firms like Galaxy Digital often draw attention but can also cause price swings.
As Solana nears the $240–$250 resistance zone, traders are watching closely for any confirmed breakout or reversal. Short-term price changes could depend on broader market trends and how Solana performs at this technical level.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/galaxy-digital-buys-1-2m-solana/
