SOL rallies past $240 as Galaxy Digital acquires $1.35B in Solana, pushing institutional interest and ETF approval expectations.
Solana has entered September with strong momentum as institutional investors increase their exposure. Galaxy Digital accumulated $1.35 billion worth of SOL in just one week, making it the largest institutional Solana purchase of 2025. This development comes while Solana is showing stronger performance than both Bitcoin and Ethereum this month.
Galaxy Digital’s purchase of 5.82 million SOL in seven days signals strong institutional interest in the network. The acquisition was not at cycle highs, suggesting that the firm expects deeper growth ahead. Market observers view this move as positioning before wider adoption returns.
On-chain data shows Solana’s total value locked (TVL) reached a new peak of $13.3 billion. Activity such as transactions, active addresses, and net inflows are also climbing, although still below levels from 2024 and early 2025. Ash Crypto noted on X that Solana is already outperforming despite retail investors not being fully active.
September has shown Solana leading major assets in growth. Month-to-date, SOL is up 23.5%, while Bitcoin rose 6.92% and Ethereum gained 6.45%. This means Solana’s gains are nearly four times higher than Bitcoin’s within the same period.
Market analysts see this type of price action as part of “Phase 3” of altcoin season. Historically, this stage is when large-cap altcoins begin to move faster than Bitcoin and Ethereum. Ash Crypto also noted that the last two times Solana ended September in green, the following months saw strong rallies.
Liquidity conditions for Solana are also shifting. Ted Pillows noted on X that liquidity clusters now exist between $200 and $220, with downside levels becoming more attractive. This suggests traders are closely monitoring these price zones for further movement.
Analysts point to limited resistance ahead for Solana after its breakout above $240 this week. According to Ali Charts, important support levels to watch are $239 and $224, while resistance levels remain thinner than before. This sets the stage for a possible retest of its all-time high near $294.
Solana has gained about 89% in the past three months, supported by strong chart structures. The asset broke out from an ascending channel and saw a golden cross on its daily chart, which reflects buying strength. It also formed an ascending triangle pattern, signaling consolidation before the latest breakout.
Broader optimism is linked to expectations of a spot Solana ETF approval in the United States. Industry experts, including Bitwise CIO Matt Hougan, expect this to drive more institutional capital into SOL. VanEck’s Solana ETF has already appeared on the DTCC listing, moving closer to regulatory clearance.
If the ETF gains approval, Solana could see capital inflows similar to Bitcoin and Ethereum after their products launched. This would coincide with growing corporate holdings of SOL and a market already showing stronger performance than its larger peers.
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