In the last 24 hours, Galaxy Digital has made a notable purchase in Solana, acquiring cryptocurrency worth $536 million. This investment may indicate new opportunities for crypto assets.
Overview of Galaxy Digital's Investment
According to data from Arkham Intelligence, Galaxy Digital bought over 2.31 million SOL through several transactions conducted on Binance, Bybit, and Coinbase. This purchase follows the company's earlier investments in Solana, which enhances speculation about a possible new bullish season for the cryptocurrency.
Corporate Treasuries and Market Momentum
Galaxy Digital's investment comes amid a growing trend of corporate digital assets, where companies acquire publicly traded firms and convert them into crypto treasuries. Currently, public Solana treasuries hold 4.67 million SOL to ensure liquidity and competitiveness within the ecosystem.
Current State of Solana in the Market
In the last 24 hours, the price of Solana increased by 6.91%, allowing it to surpass BNB and secure the fifth position among cryptocurrencies with a market cap of $129.1 billion. Founders and analysts, including Mike Novogratz, assert that the asset is experiencing strong growth due to increasing corporate interest and more favorable characteristics compared to Ethereum.
Recent investments by Galaxy Digital and rising prices for Solana suggest a potential shift in the market dynamics for the cryptocurrency. Experts state that such actions may signal broader acceptance of Solana in financial markets.
