Galaxy Digital Withdraws $40M SOL With Solana TVL Hitting Record Highs

Group 1: Galaxy Digital's Investment Strategy - Galaxy Digital withdrew $40 million worth of Solana from Binance and Coinbase, indicating strong conviction in the token's long-term value [1] - The firm is deepening its ties to the Solana ecosystem, evidenced by a $1.65 billion PIPE financing for Forward Industries, the largest Solana-focused treasury raise to date [2] - The strategy includes generating on-chain returns and enhancing shareholder value by engaging in Solana's DeFi markets [3] Group 2: Solana's DeFi Ecosystem Performance - Solana's DeFi total value locked (TVL) has reached a record high of $12.35 billion, up 1.8% from the previous day [4] - The stablecoin market capitalization on the Solana network is at $12.77 billion, with on-chain fees generating $1.24 million in the past 24 hours [4] - Despite the record TVL in USD, the network has not yet reclaimed its SOL-denominated all-time high of 68.13 million SOL from June 2022 [5] Group 3: Market Dynamics and Price Analysis - Solana's market capitalization is currently at $118.6 billion, with the token just 4% away from its historical all-time high valuation [5] - Solana is trading at $220.25, approaching a critical resistance zone between $225-$230, which could lead to further price increases if broken [7] - A failure to break above this resistance could result in a retracement to support levels around $195-$200 [8] Group 4: Growth Drivers in Solana's Ecosystem - The launch of Jupiter Lend has significantly contributed to growth, amassing over $600 million in TVL within two weeks, raising Jupiter's overall protocol TVL to $3.38 billion [6] - Jupiter is now ranked among the top Solana DeFi protocols, with a 25.2% increase in TVL over the past month [6]