Key Notes
- Lookonchain flagged a Galaxy Digital’s switch of $39.1 million price of SOL to Coinbase.
- On September 15, Galaxy Digital scooped up 1.2 million SOL, suggesting various approaches to Solana.
- SOL worth has now dropped to $193.18 amid the altcoin market rout.
Blockchain analytics platform Lookonchain has recognized the large switch of Solana
SOL
$196.6
24h volatility:
2.1%
Market cap:
$106.77 B
Vol. 24h:
$11.53 B
from Galaxy Digital to Coinbase. To again its claims on X, the protocol shared an Arkham Intelligence hyperlink to the transaction. The sudden offload has sparked issues amongst crypto fans, with many questioning if the agency is dumping its SOL holdings.
Solana worth drops under $200
Arkham Intelligence shared details of the transaction, noting that the switch was carried out about 5 hours in the past. Galaxy Digital transferred 200,000 SOL, valued at roughly $39.1 million on the time, to American cryptocurrency change Coinbase. This comes barely ten days after this identical firm scooped 1.2 million SOL, price about $306 million.
A pockets associated to Galaxy Digital deposited 200K SOL($39.1M) to #Coinbase 4 hours in the past.https://t.co/IlmIN5BG6y pic.twitter.com/L0KLNj0FXH
— Lookonchain (@lookonchain) September 26, 2025
Following the offload, Solana’s worth has recorded a major decline and is at the moment buying and selling at $193.18, in line with CoinMarketCap information.
This present worth motion is a results of a 4.49% dip over the past 24 hours. The switch doubtless fuelled the drop in SOL worth, contemplating that the coin was performing higher than its friends in current weeks. The autumn started the day before today, with lengthy merchants’ liquidations, inflicting SOL to commerce at a 23-day low of $197.65 on Coinbase.
Analysts and market watchers have been already starting to speak about $300 as the next price target for the digital asset. These entities have been sure that the percentages have been lastly aligning for the highest cryptocurrency. An instance of those offs is the rising institutional adoption of the coin, proven in treasury reserve strikes for Solana.
A couple of days in the past, Fitell Company (NASDAQ: FTEL), a health gear retailer, launched its Solana treasury reserve. The corporate is kickstarting this new enterprise with an preliminary funding of $10 million, however it has secured a financing facility of as much as $100 million.
Notably, with the Solana price downturn, backers like Ahead Industries are reeling in large losses in the intervening time.
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Disclaimer: Coinspeaker is dedicated to offering unbiased and clear reporting. This text goals to ship correct and well timed info however shouldn’t be taken as monetary or funding recommendation. Since market circumstances can change quickly, we encourage you to confirm info by yourself and seek the advice of with an expert earlier than making any selections primarily based on this content material.
Benjamin Godfrey is a blockchain fanatic and journalist who relishes writing about the actual life purposes of blockchain expertise and improvements to drive common acceptance and worldwide integration of the rising expertise. His want to teach folks about cryptocurrencies evokes his contributions to famend blockchain media and websites.