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- Galaxy Digital withdraws $40M in SOL, showing bullish conviction.
- Solana DeFi TVL hits $12.35B, driven by Jupiter Lend growth.
- SOL approaches key resistance, with potential breakout toward $300.
Galaxy Digital, led by Mike Novogratz, has withdrawn $40 million worth of Solana (SOL) from Binance and Coinbase on September 10, highlighting its strong confidence in the token’s long-term potential. This move aligns with the firm’s growing involvement in the Solana ecosystem, following a $1.65 billion PIPE financing alongside Jump Crypto and Multicoin Capital for Forward Industries—the largest Solana-focused treasury raise to date. Forward Industries aims to deliver institutional-grade growth while boosting on-chain DeFi engagement and shareholder value.
Solana DeFi Hits Record Levels
Solana’s decentralized finance ecosystem is breaking records, with total value locked (TVL) surging to $12.35 billion, up 1.8% from the previous day, according to DefiLlama. Stablecoins on the network have a market cap of $12.77 billion, while on-chain fees totaled $1.24 million over 24 hours. Despite these USD-denominated highs, SOL-denominated TVL remains below its June 2022 peak of 68.13M SOL. The token itself trades near $220, only 4% shy of its all-time market cap high of $118.6 billion.
🚨JUST IN: Whales and funds are ramping up $SOL accumulation as the SEC’s final decision deadline on Solana spot ETFs approaches. @galaxyhq withdrew $40M worth of $SOL from Binance and Coinbase 7 hours ago. pic.twitter.com/UHdOB3ljXj
— SolanaFloor (@SolanaFloor) September 10, 2025
Jupiter Lend Drives Protocol Growth
A key catalyst for Solana’s DeFi boom is Jupiter Lend, which has amassed over $600 million in TVL in just two weeks, lifting Jupiter’s overall protocol TVL to $3.38 billion. Ranked among the top Solana protocols, Jupiter outpaces competitors with a 25.2% TVL increase over the past month, fueling broader investor optimism.
SOL Price Outlook
SOL is consolidating near the top of a rising wedge pattern, with resistance at $225-$230. A successful breakout could push prices toward $260-$280, with psychological resistance near $300. Failure to break higher may see retracements to $195-$200, or deeper to $175 if selling pressure intensifies.
Also Read: Solana Reaches $500M RWAs as Galaxy Digital Tokenizes Nasdaq Shares On-Chain
Alongside institutional moves, Solana’s meme coin ecosystem is thriving. Wall Street Pepe (WEPE) provides traders with exclusive market insights, alpha calls, and a dedicated community to challenge whale manipulation. Launchpad Pump.fun has issued over 12.3 million tokens, reinforcing Solana’s position as a leading platform for meme-based trading.
With Galaxy Digital’s significant SOL withdrawal, record-breaking DeFi activity, and a thriving community ecosystem, Solana appears poised for major gains in 2025.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
