Solana surged Friday as large-scale token withdrawals signaled fresh institutional demand. SOL jumped 5% to $239.47, its highest price since January, pushing weekly gains to 18% and outstripping bitcoin and ether, which rose just 4%–5%.
Data from Arkham Intelligence showed Galaxy Digital pulled 3.1 million SOL worth $724 million off Binance and Coinbase in recent days. The move is likely tied to Forward Industries, a treasury firm backed by Galaxy that raised $1.65 billion to build a Solana-focused portfolio.
Traders are watching closely as treasury strategies and ETF speculation fuel bullish momentum. Bitwise CIO Matt Hougan noted that Solana’s smaller market cap makes it especially sensitive to institutional flows. Galaxy CEO Mike Novogratz went further, telling CNBC the market is entering the “season of SOL.”
Galaxy has already deepened its ties to the network, choosing Solana to tokenize its stock in partnership with Superstate earlier this month.
