- Solana (SOL) is seeing growing institutional interest, highlighted by a $52.7 million whale withdrawal and Upexi’s $100 million investment in a Solana-focused treasury strategy.
- With positive technical indicators and increasing corporate adoption, Solana’s price has gained momentum, currently trading around $139.
The Solana blockchain is catching the attention of both institutional investors and high-net-worth individuals, with significant movements in the past 24 hours signaling growing confidence in the cryptocurrency. Solana’s price is hovering around $139, marking a 7% increase over the past week, and recent developments are further bolstering the case for its long-term growth.
Whale Withdrawals Indicate Bullish Sentiment
In a major move, a whale recently withdrew 374,161 SOL (worth approximately $52.7 million) from Binance to an unknown wallet. This transaction, which was flagged by Whale Alert, reflects a significant exchange outflow. Outflows of this magnitude often suggest that investors are opting to hold their assets long-term rather than trade them on exchanges. Historically, large withdrawals are seen as bullish signals, as they reduce the available supply of Solana on exchanges, potentially limiting selling pressure.
Upexi Makes a $100 Million Bet on Solana
In another key development, crypto trading firm GSR announced a $100 million investment in Upexi, a public equity company. This partnership marks a strategic shift as Upexi commits to building a Solana-centric treasury strategy. The company plans to accumulate and stake SOL as part of its long-term treasury approach.
Brian Rudick, Head of Research at GSR, highlighted the strategic value of Solana, noting its speed, scalability, and robust developer ecosystem as key factors for its selection. This decision signals a departure from the Bitcoin-focused treasury strategies that have dominated the corporate crypto world since 2020, showcasing growing institutional trust in Solana’s blockchain capabilities.
Institutional Interest on the Rise
Upexi’s commitment to Solana is just one example of a broader trend of increasing institutional interest in the cryptocurrency. Asset manager ARK Invest recently incorporated a Solana Staking ETF into its crypto-focused funds, while commercial real estate firm Janover purchased 163,651 SOL, valued at approximately $10.5 million, as part of its own treasury strategy.
Additionally, it appears that Galaxy Digital may be shifting assets from Ethereum to Solana. Over the past two weeks, Galaxy Digital reportedly deposited 65,600 ETH (worth about $105.48 million) to Binance and withdrew 752,240 SOL (valued at $98.37 million), further indicating confidence in Solana’s potential.
It seems that Galaxy Digital is selling $ETH and buying $SOL!
In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2
— Lookonchain (@lookonchain) April 22, 2025
A Positive Outlook for Solana
Solana’s price has been on an upward trajectory, with a 7% increase in the past week. As of now, it hovers around $139, having recently broken above a critical descending trendline. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest bullish momentum, positioning SOL for further gains. Analysts predict that if the price can hold above its 50-day exponential moving average (EMA) of $136.14, it may target the $147.48 resistance, with a potential extension toward $160.
With whales withdrawing significant amounts of SOL and institutional players betting big on Solana’s future, the cryptocurrency seems poised for continued growth in the coming months. As more corporate and individual investors shift their focus to Solana, its position in the digital asset ecosystem strengthens, reflecting the increasing institutional confidence in the blockchain’s capabilities.
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. We encourage readers to conduct further research and consult additional sources before making any decisions based on this content.
