Solana Surges After Galaxy Digital Buys SOL and Eyes $458 Long-Term Target
- Solana gains $326M investment from Galaxy Digital, reflecting strong institutional confidence and possible further accumulation.
- Bullish momentum confirmed, with analysts eyeing a potential long-term target around $458.
- Technical signals turn positive as RSI climbs and MACD crossover shows renewed market strength.
Solana is showing strong momentum in the cryptocurrency market, and interest among top investors is increasing while holding promise for the future. Substantial buy orders in recent periods and favorable market trends show continuous interest among retail and institutional investors.
At the time of writing, SOL is trading at $237 with a 24-hour trading volume of $35.57 billion and a market capitalization of $127.22 billion. SOL price increased 6.09% in the last 24 hours. This surge comes amid investor interest and strategic purchases by whales.
Galaxy Digital Invests $326M in Solana
According to data provided by Arkham, Galaxy Digital just purchased $326 million in SOL for Multicoin’s Solana DAT (Forward Industries). The company has ample funds at its disposal, including $354 million in stablecoins and up to $1 billion in cash, which may be used for follow-up SOL purchases. This massive investment signals strong investor confidence in SOL.
Solana Confirms Bullish Momentum
Crypto analyst Javon Marks highlighted that Solana confirmed a bullish pattern near $129 earlier this year. The cryptocurrency shows signs that it could maintain its upward momentum after reaching the $233.80 target. Remaining above that level could open the door for $457.97, representing nearly a 100% profit from current prices.
The renewed attention on SOL comes as the network expands its ecosystem and attracts decentralized finance (DeFi) and Web3 projects. Investors are taking a keen interest in SOL, as its price action has the potential to set a direction for the rest of the marketplace. With strong institutional support and optimistic technical signals, SOL is poised for a bright future.
Also Read | Solana (SOL) Shows Potential; Can It Break $1000 or Consolidate at $290?
Solana Shows Strength with Momentum Building
The Relative Strength Index (RSI) for Solana is now at 59.59, steadily rising from recent lows and holding above the support line around 52.61. This indicates that buying pressure is improving but has not yet reached overbought levels. The upward trend suggests that investors are becoming increasingly confident about SOL’s direction.
On the MACD, the blue line at 12.89 has just climbed across the signal line at 5.26, and the histogram bars are moving upward in green. The crossover indicates bullish momentum forming in the market. With the MACD holding above zero, SOL looks strong after months in a holding pattern.
Also Read | Solana (SOL) Strategies Gets Nasdaq Approval, Prepares for Major Growth
