Galaxy Digital's latest support propels Solana's price, boosting September's investment outlook.
Solana, a high-performance blockchain network, is experiencing a surge in interest from institutional investors and regulatory bodies, according to recent developments.
Matt Hougan, Chief Investment Officer at Bitwise, predicts that Spot Solana Exchange-Traded Funds (ETFs) could be approved by October, potentially unleashing further inflows into the network. This optimistic forecast comes amidst growing institutional interest, with Galaxy Digital, led by CEO Mike Novogratz, acquiring over 6.5 million SOL in the past five days, amounting to approximately $1.57 billion.
Novogratz has labelled this current market phase as the "season of Solana," and believes that the clarity around crypto regulation will accelerate institutional adoption, especially for networks like Solana. He also emphasises that faster and cheaper blockchains like Solana are now primed for Wall Street adoption.
Forward Industries, a key player in the Solana ecosystem, has recently received significant investment from Galaxy Digital, alongside Jump Crypto and Multicoin Capital, in a private placement worth $1.65 billion. This investment underscores Forward Industries' growing influence within the Solana community.
Galaxy's buying spree has not gone unnoticed. The company has been moving large batches of SOL into custody wallets on Fireblocks, signalling a long-term holding intent. This move, combined with regulatory clarity, could contribute to another Solana rally, as suggested by analysts.
Bullish technical indicators support the case for another leg upward for Solana. The cryptocurrency is currently trading around $233.15, sitting just 16% below its all-time high. Analysts suggest that a breakout above $253 could pave the way toward $272-$300.
Solana's unique blend of speed, scalability, and institutional interest could amplify its price trajectory, according to Hougan. He compares Solana's momentum to Bitcoin's treasury-driven rallies, pointing to the network's growing appeal among institutional investors.
However, it's important to note that there is no specific information available about other institutions (other than those mentioned in general Solana news) that have acquired Solana in the last five days and completed transactions on Binance, Coinbase, and Bybit. Recent notable Solana-related news includes Helius's partnership with Pantera Capital to raise over $500 million, but this does not involve transactions on the mentioned exchanges.
As the Solana ecosystem continues to evolve, it remains to be seen how these developments will shape the future of this high-performance blockchain network.
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