Solana Price Jumps 7% As Galaxy Digital Buys $486M SOL in 24 Hours

• Galaxy Digital buys $486M in SOL, fueling Solana’s 7.2% daily and 16% weekly surge..
• ETF buzz lifts investor confidence as DTCC lists Fidelity’s proposed Solana ETF (FSOL).
• Forward Industries (FORD) raises $1.65B for SOL treasury backed by Galaxy, Jump, and Multicoin.

Solana price has risen 16% in a week and 7.2% in the last 24 hours to trade at $237.81 as of 3:07 a.m. EST on a 39.8% surge in trading volume. The SOL price surge comes after Galaxy Digital, a major crypto investment firm, snapped up $486 million worth of SOL in just one day, signaling a growing interest from big players in the Solana network.

Galaxy Digital Goes On A $486M SOL Buying Spree

On-chain tracker Arkham Intelligence spotted the activity. Galaxy’s wallets got inflows from exchanges such as Binance and Coinbase. In total, they added 2.159 million SOL tokens (~ $486M).

The latest batch was 706,790 SOL, valued at $160 million. This is one of Galaxy’s largest daily buys ever, signaling strong confidence in Solana’s future. Traders watched as SOL’s value rose from about $220 earlier in the week, with trading volume spiking to over $11 billion in 24 hours.

The timing couldn’t be better. U.S. inflation data released Thursday showed a small rise in August’s Consumer Price Index, but it wasn’t enough to derail expected Federal Reserve rate cuts. 

Economists predict a quarter-point drop starting next week, which could pump more money into riskier assets like crypto. Lower rates often mean cheaper borrowing and more investment in growth areas, including blockchain tech.

DTCC Lists Fidelity’s Solana ETF (FSOL)

Adding to the buzz, the Depository Trust and Clearing Corporation (DTCC) listed Fidelity’s proposed Solana ETF under the ticker FSOL. It also added Canary Capital’s ETFs for XRP and Hedera (HBAR). 

This is a key step before these products can trade on U.S. exchanges, though SEC approval is still pending. If greenlit, these ETFs could bring billions in fresh capital to Solana, making it easier for everyday investors to buy in without dealing with wallets or exchanges.

Meanwhile, Forward Industries, Inc. (NASDAQ: FORD) has closed a $1.65 billion private funding round and plans to use the cash to build a treasury focused on SOL purchases. 

Backers include Galaxy Digital itself, along with Jump Capital and Multicoin Capital. Forward’s shares jumped 13.5% pre-market on the news, showing how traditional firms are diving into crypto.

What’s Next For Solana Price?

Crypto analysts are optimistic. SOL/BTC value hit a seven-month high, and the ecosystem is outperforming amid rate cut talks. Crypto analyst Unipcs has predicted that when Solana rallies, its top memecoins will move even faster, and could offer bigger gains for risk-takers.

Solana has faced ups and downs, from network outages to competition with Ethereum. But recent upgrades have improved stability, and apps in gaming and DeFi are thriving. With Galaxy’s big bet and ETF progress, Solana looks set for more growth heading into Q4, a historically strong period for crypto.

Market watchers say this could spark a broader altcoin rally. For now, eyes are on the Fed’s next move and any ETF updates. If trends hold, Solana might test $250 soon.

Disclaimer: The facts and analysis presented here are only for informational purposes. Readers should not interpret the content of this article as financial advice or product recommendations.

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