Galaxy Digital is making significant investments in Solana (SOL) in response to rising demand for SOL treasuries. The company's recent deals reflect market enthusiasm.
Accumulating Solana Holdings
Galaxy Digital swiftly purchased 430,000 SOL worth approximately $97 million. Over the last 12 hours, the company ramped up its holdings by 1.35 million SOL, equating to $302 million. Part of these acquisitions will be set aside for building Multicoin's SOL reserve.
Market Data and Demand
In the past 24 hours, the price of Solana has shown positive changes, rising from $221.71 to $226. Currently, SOL is up 1.50% daily and 29.11% monthly. Data confirms bullish market sentiment, with a long-to-short ratio on Binance exceeding 1.
Future of Solana
Given the aggressive purchases by Galaxy Digital and increasing whale activity, Solana is being viewed as a potential ETF reserve asset. The competition for available tokens is intensifying, which may foster further accumulation.
In conclusion, Galaxy Digital's active initiatives and positive market trends indicate continued interest in Solana. Market participants are keenly observing SOL's dynamics, anticipating future developments.
