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Here’s How SOL Is Gaining Ground with Institutions Like Galaxy
In a recent update, it has become apparent that institutional interest in Solana (SOL) remains strong, despite the token’s short-term volatility. According to recent reports, notable entities such as Galaxy Digital have demonstrated their continued confidence in SOL by withdrawing 282.5k tokens worth $40.5 million from centralized exchanges and staking $39.15M (274,253 tokens).
This significant move suggests that large players are still bullish on the Solana ecosystem’s long-term outlook, despite recent market fluctuations. It is essential to note that such a development could be a decisive factor in SOL’s price action going forward.
In addition, notable players like SOL Strategies have also been actively accumulating SOL. The firm recently bought 24k tokens worth $3.3M, which represents an increase of their overall holdings to 250.7k SOL. It is crucial to highlight that this strategic move aligns with the company’s long-term investment approach in the Solana ecosystem.
SOL Strategies’ Chairman, Antanas Guoga, has also emphasized his firm’s commitment to purchasing more SOL during market downturns. This stance underscores their confidence in the token’s future prospects and willingness to take calculated risks.
Despite these optimistic signs from institutional players, it is essential to acknowledge that retail investor interest in SOL has significantly decreased since mid-January. Data from Santiment reveals a substantial drop in social volume and sentiment following the implosion of LIBRA memecoin.
While some traders are betting on SOL’s price dropping to $130 by the end of March, options traders on Deribit are eyeing the $200 mark for the same time frame but only assign it a 10% probability. On the other hand, the $120 level has been a critical support area since early 2024 and may serve as a key battleground if SOL’s price continues to decline.
In conclusion, this development reinforces the notion that institutional interest in Solana remains unshakeable despite recent turbulence.
Source: https://ambcrypto.com/solana-heres-how-sol-is-gaining-ground-with-institutions-like-galaxy
