Galaxy Digital Deposits 500,000 Solana ($103M) To Coinbase In 5 Days – Details

Solana (SOL) has been one of the strongest performers in the altcoin space since April, sustaining a bullish yet volatile uptrend that has captured investor attention. While many altcoins have struggled with breakdowns and heavy selling pressure, Solana has managed to hold firm, showing relative strength despite broader market uncertainty. Still, the momentum is being tested as SOL approaches critical resistance levels that could determine its next major move.

Some analysts caution that Solana may face profit-taking and pullbacks in the near term, with price potentially dropping to lower support zones before any sustained rally can resume. The combination of technical resistance and increasing volatility makes this a decisive moment for traders watching whether Solana can break higher or consolidate further.

Adding to the uncertainty, onchain data reveals that Galaxy Digital recently transferred a massive amount of Solana to Coinbase, sparking speculation about potential institutional profit-taking. While these inflows don’t necessarily confirm selling, they often signal preparation for liquidity events.

Massive Solana Transfer Sparks Speculation

According to Lookonchain, Galaxy Digital has deposited 500,000 SOL (worth approximately $103 million) to Coinbase over the past five days, raising eyebrows across the market. Such a large transfer by a major institutional player is often interpreted as preparation for liquidity events, whether that means hedging, profit-taking, or reallocating capital into other assets. While the exact motivation remains uncertain, the move comes at a time when Solana is testing critical resistance levels, making market participants more cautious.

This development has fueled speculation that Solana may move toward lower price levels in the near term. Some analysts argue that institutions may be locking in gains after SOL’s strong performance since April, when the token began its bullish uptrend. Others suggest that capital could be rotating into Ethereum or alternative large-cap projects, given the recent surge in whale accumulation of ETH.

At the same time, broader market conditions add to the uncertainty. With Bitcoin struggling to reclaim momentum and Ethereum consolidating around demand levels, many analysts see the crypto market as a whole entering a sideways consolidation phase. If that outlook proves correct, Solana could face continued profit-taking pressure as traders look to secure gains before the next major leg up.

Despite these headwinds, Solana’s resilience throughout recent volatility highlights its underlying strength as a network and investment vehicle. The coming weeks will be crucial to see whether Galaxy Digital’s transfer marks the beginning of broader institutional selling or simply a short-term adjustment within a longer bullish trend.

Price Analysis: Testing A Pivotal Zone

Solana is currently trading around $203.33, showing resilience despite ongoing market volatility. The chart highlights a bullish structure that has been developing since the lows of May 2025, when SOL traded near $120. Since then, the token has steadily climbed, reclaiming key moving averages and now testing the critical $200–$220 resistance range. This area has historically acted as a major barrier, marking both local tops and heavy selling zones in past cycles.

The 50-day moving average is trending above the 100-day and 200-day MAs, a bullish sign confirming Solana’s medium-term strength. However, the price is struggling to close convincingly above $210, indicating that sellers are still active at higher levels. Profit-taking behavior, also noted in recent on-chain data, adds weight to this resistance.

If SOL manages to break above $220 with strong volume, the next upside targets could open toward $240 and $260, levels last seen during its 2024 rally. Conversely, failure to hold above $200 may invite a pullback toward $180 or even $165, aligning with the 100-day MA and past demand zones.

Featured image from Dall-E, chart from TradingView