Galaxy Digital’s Massive SOL Transfers to Coinbase Spark Sell-Off Fears
Galaxy Digital’s recent on-chain moves have seen it acquire 1.2 million SOL on Sept 15 and transfer over 700,000 SOL to Coinbase—including 500,000 SOL over five days and a further 200,000 SOL on Sept 26. These sizeable transactions coincide with Solana’s struggle to breach resistance at $210–$220 and a 4.5% price drop to a 23-day low of $193 amid broader altcoin liquidations. While Solana’s 50-, 100- and 200-day moving averages remain bullish, the heavy institutional flows risk short-term turbulence. Traders will watch for a decisive break above $220 to signal renewed upside toward $240–$260, or a breach below $200 that could pull SOL down to $180 or lower support at $165.
Bearish
Galaxy Digital’s large SOL transfers coincide with a notable price decline for SOL, indicating potential profit-taking by a major institutional player. Short-term, this influx of sell-side pressure could cap rallies and trigger volatility as traders react to resistance at $210–$220 and a recent 23-day low near $193. In the longer term, Solana’s positive moving average alignment and ongoing institutional adoption suggest the network’s fundamentals remain strong, but market stability will depend on whether SOL can reclaim key levels above $200–$210.