- Galaxy Digital’s ETH reallocation hints at growing Solana and Bitcoin focus.
- Solana faces resistance near $150, signaling potential for cautious market behavior.
- RSI nearing overbought levels suggests Solana might face short-term profit-taking.
Galaxy Digital appears to be signaling growing confidence in Solana as the firm continues its steady pivot from Ethereum. In recent hours, Galaxy’s OTC trading desk deposited nearly 23,900 ETH, worth approximately $42.5 million, into Coinbase.
Just ten days earlier, a larger transfer of 62,000 ETH around $100 million was made to Binance. These movements strongly suggest a strategic reallocation. Notably, much of this capital eventually found its way into Solana and Bitcoin, reinforcing the narrative of shifting investor focus in the crypto landscape.
The OTC trading wallet of Galaxy Digital has deposited 23,900 $ETH ($42.52M) to #Coinbase in the past 8 hours.🔥
— CryptoNinjas (@crypto_ninjas) April 29, 2025
10 days ago, Galaxy also transferred 62k $ETH (~$100M) to Binance.
This amount was then moved into $SOL to continue generating profits.
It’s clear that Galaxy… https://t.co/A7dHmTREzl pic.twitter.com/uwrVx5EIa2
Solana’s Technical Picture Paints a Mixed Outlook
As of press time, Solana is priced at $147.11. It is down 1.91% over the past 24 hours. Despite this dip, the trading volume surged by more than 60%, reaching $3.53 billion. Such a spike in activity often precedes directional volatility, suggesting that market participants are reacting to underlying macro or institutional cues possibly including Galaxy’s portfolio decisions.
The 1-day price chart reveals a choppy performance. The day began with some optimism as SOL opened just under $150. However, a mid-session sell-off drove prices down sharply.
Several recovery attempts followed, but they failed to breach earlier highs. This indicates possible exhaustion among bulls and a cautious approach by new buyers.
Key Support and Resistance Levels
Solana faces a stiff resistance at $150, a psychological barrier that has turned into a technical ceiling. An earlier level at $149 also adds pressure.
On the downside, immediate support lies at $146. If breached, $144 becomes a critical line of defense, likely attracting buyers seeking lower entry points.
Indicators Suggest Tentative Optimism
Momentum indicators present a cautiously bullish outlook. The MACD line continues to hover above the signal line, showing a still-active bullish crossover. However, the histogram is flattening, which often precedes consolidation or a minor dip.
The RSI stands at 60.32 and is trending higher. While this suggests healthy buying interest, it also flirts with the overbought zone. A rise toward 70 could signal a short-term peak, prompting profit-taking.
