Solana (SOL) climbed to $239.47 on Friday, marking its strongest level in nearly a year. The token advanced 5% over the past 24 hours and is up 18% on the week, far outpacing bitcoin (BTC) and ether (ETH), which posted gains of 4%–5% during the same period.
Blockchain analytics firm Arkham Intelligence reported that Galaxy Digital moved approximately 3.1 million SOL—valued at $724 million—off exchanges over the last two days, with most of the withdrawals coming from Binance and Coinbase.
The activity appears tied to Forward Industries (FORD), a digital asset treasury firm that raised $1.65 billion earlier this year to accumulate Solana. Galaxy was a lead investor in the raise and is overseeing the management of Forward’s assets.
According to Bitwise CIO Matt Hougan, Solana may remain highly responsive to institutional inflows due to its smaller market capitalization relative to bitcoin and ether. Galaxy CEO Mike Novogratz added in a CNBC interview that the market could be entering a “season of SOL,” highlighting the potential for Solana-focused treasury vehicles and ETFs to bring additional capital into the ecosystem.
