Galaxy Digital has been spotted transferring 200,000 Solana to Coinbase, but the reason for the offloads remains unknown.
Blockchain analytics platform Lookonchain has identified the massive transfer of Solana SOL $122.8 24h volatility: 0.3% Market cap: $69.12 B Vol. 24h: $3.06 B from Galaxy Digital to Coinbase. To back its claims on X, the protocol shared an Arkham Intelligence link to the transaction. The sudden offload has sparked concerns amongst crypto enthusiasts, with many wondering if the firm is dumping its SOL holdings.
Solana Price Drops Below $200
Arkham Intelligence shared details of the transaction, noting that the transfer was conducted about 5 hours ago. Galaxy Digital transferred 200,000 SOL, valued at approximately $39.1 million at the time, to American cryptocurrency exchange Coinbase. This comes barely ten days after this same company scooped 1.2 million SOL, worth about $306 million.
A wallet related to Galaxy Digital deposited 200K SOL($39.1M) to #Coinbase 4 hours ago.https://t.co/IlmIN5BG6y pic.twitter.com/L0KLNj0FXH
— Lookonchain (@lookonchain) September 26, 2025
Following the offload, Solana’s price has recorded a significant decline and is currently trading at $193.18, according to CoinMarketCap data.
This current price action is a result of a 4.49% dip over the last 24 hours. The transfer likely fuelled the drop in SOL price, considering that the coin was performing better than its peers in recent weeks. The fall began the previous day, with long traders’ liquidations, causing SOL to trade at a 23-day low of $197.65 on Coinbase.
Analysts and market watchers were already beginning to talk about $300 as the next price target for the digital asset. These entities were certain that the odds were finally aligning for the top cryptocurrency. An example of these offs is the growing institutional adoption of the coin, shown in treasury reserve moves for Solana.
A few days ago, Fitell Corporation (NASDAQ: FTEL), a fitness equipment retailer, launched its Solana treasury reserve. The company is kickstarting this new venture with an initial investment of $10 million, but it has secured a financing facility of up to $100 million.
Notably, with the Solana price downturn, backers like Forward Industries are reeling in huge losses at the moment.
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