Galaxy Digital has reported a $156 million profit for Q2 2025, marking a sharp turnaround from losses in the previous year.
Galaxy Digital made headlines this week after transferring 500,000 Solana SOL $205.6 24h volatility: 2.9% Market cap: $111.27 B Vol. 24h: $8.78 B , worth approximately $103 million, to Coinbase.
On-chain records from Arkham Intelligence reveal that the deposits came in multiple tranches of 50,000–80,000 SOL, each valued at around $10 million.
The most recent transfer, on Aug. 31, involved 50,000 SOL worth nearly $9.9 million, showcasing a systematic approach rather than a single bulk transaction.
Galaxy Digital has deposited 500,000 $SOL($103M) to #Coinbase over the past 5 days.https://t.co/WrqltmDhXA pic.twitter.com/Zb77aFndBH
— Lookonchain (@lookonchain) September 2, 2025
Exchange Deposits Raise Questions
Large-scale transfers to exchanges typically trigger speculation of possible sell pressure. While Galaxy still retains around 2,000 SOL (roughly $400,000) alongside a diversified basket of tokens such as PYUSD, POPCAT, JTO, and Helium, the size of its latest move has caught the market’s attention.
For traders, the question is whether this signals short-term liquidity needs or the start of profit-taking amid Solana’s recent strength.
At press time, Solana was trading at around $203, a level that has held firm despite the $103 million inflow to Coinbase wallets.
Balancing Short-Term Moves with Long-Term Ambitions
Interestingly, the exchange deposits come at the same time reports suggest Galaxy is building a $1 billion Solana treasury, according to Milk Road Daily.
Galaxy Digital is building a $1B Solana treasury
That would make Galaxy one of the largest $SOL holders in the world, 3x bigger than today’s leader Upexi.
If confirmed, $GLXY won’t just be a crypto firm.
It becomes the publicly traded proxy for Solana.https://t.co/6WjQm66Xgw
— Milk Road (@MilkRoadDaily) August 31, 2025
If completed, this would make Galaxy one of the largest SOL holders globally, roughly three times bigger than the current leader, Upexi.
Such an ambitious treasury buildup would effectively make Galaxy ($GLXY) stock a publicly traded proxy for Solana, providing traditional investors a direct play on SOL performance.
The dual strategy, short-term liquidity management via exchange transfers and long-term positioning through a massive treasury, highlights Galaxy’s evolving role in the Solana ecosystem.
SOL Price Analysis: Analyst Targets
On the technical side, Solana’s weekly chart paints a bullish picture despite near-term concerns. Analyst Dus pointed out that SOL has reclaimed its macro rising wedge structure, bouncing cleanly off the 200-week moving average.
Dus’ chart shows how price reclaimed the trendline support after retesting it, establishing a strong structural base. The analyst highlighted $250 as the key resistance zone.
$SOL weekly chart just broke back into the rising wedge.
Clean reclaim of the macro trendline + 200W MA bounce = strong structure.
Key resistance remains at ~$250 — break that and we’re headed for price discovery.
Midterm target: $400+
Risk still exists but structure looks… pic.twitter.com/ODXfeYTxtI
— Dus⚡️ (@dusxbt) September 1, 2025
A successful breakout above this level could push SOL into price discovery, with a midterm target of $400+. The reasoning stems from the wedge’s upward channel, where a break above prior highs unlocks uncharted territory for buyers.
In contrast, analyst Ted Pillows offered a more cautious take. He noted a liquidity cluster in the $160–$180 range that could be swept if Bitcoin BTC $110 696 24h volatility: 1.4% Market cap: $2.20 T Vol. 24h: $53.65 B and Ethereum ETH $4 277 24h volatility: 2.1% Market cap: $516.40 B Vol. 24h: $35.58 B lose momentum in September.
In his view, such a correction would be healthy before Solana embarks on a new all-time high run in Q4.
Market Implications
With technicals pointing toward $250 as the next battleground and analysts debating whether $160–$180 liquidity will be tested first, traders face a market finely balanced between short-term volatility and long-term opportunity.
$SOL has a decent liquidity cluster around $160-$180 level.
If $BTC and $ETH show a lack of momentum, large caps will experience severe corrections.
I think $SOL could sweep the downside liquidity in September before a new ATH in Q4. pic.twitter.com/ZES9ZKGK56
— Ted (@TedPillows) September 1, 2025
For now, Solana remains one of the most closely watched altcoins of the cycle and possibly the next crypto to explode in 2025.
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