Solana Price Prediction: SOL Soars 6% After $530 Million Galaxy Digital Buy As Mike Novogratz Predicts “Season Of Solana”

The Solana price soared 6% in the past 24 hours to trade at $238.4 as of 5:56 a.m. EST after Galaxy Digital bought $530 million worth of SOL and as Mike Novogratz predicts there will be a “season of Solana.”

Galaxy Digital has acquired 2.31 million Solana tokens, valued at nearly $536 million. The tokens were transferred to Galaxy from Binance, Bybit, and Coinbase wallets, according to data from Arkham Intelligence.

That significant move follows Galaxy’s investment in Forward Industries, a company transitioning into a Solana-focused digital asset treasury.

According to Lookonchain, a blockchain analytics platform, Galaxy is helping Forward Industries accumulate SOL. However, it remains unclear whether Galaxy’s latest transaction is linked to Forward Industries.

Meanwhile, Galaxy CEO Mike Novogratz said that the crypto market is entering a ‘season of Solana,” pointing to strong market momentum and favorable regulatory signals.  

Novogratz said during a CNBC interview that, “Solana can process 14 billion transactions a day. That’s more than equities, fixed income, commodities, and foreign exchange combined.”

Earlier, Bitwise CIO Matt Hougan echoed Novogratz’s view, highlighting Solana’s network speed, cost efficiency, and the potential for upcoming spot ETFs as key drivers of its momentum.

Solana Price On A Sustained Bullish Trend

The SOL price is showing strong bullish momentum as it continues to trend higher. Solana has recently breached the upper boundary of a rising channel.

Currently priced at $238.41, the SOL price has broken above the 0.786 Fibonacci retracement level at $216.17, signaling strength in reclaiming higher levels of support and resistance.

The recent structure suggests that Solana is not just in recovery but in an upward bullish phase, making higher highs and higher lows. The key support to watch lies around the midpoint Fibonacci level near $172.27, which would be a critical zone if a retracement occurs.

SOL/USD Chart Analysis: TradingView

SOL Aiming For $250, But Eyes On $295

The Relative Strength Index (RSI) currently sits at 69.72, which is just below the overbought threshold of 70, suggesting that the current buying momentum is strong.

Meanwhile, the Moving Average Convergence Divergence (MACD) cements the bullish sentiment. The blue MACD line is above the orange signal line, with green histogram bars indicating sustained upward momentum.

If momentum continues and SOL sustains its position above $216, the next logical target is the upper range of the channel around $250. A breakout above that level could open the way to retesting Solana’s all-time high at $295.11.

On the downside, a rejection from the channel’s upper boundary could lead to a pullback toward $200–$216, with more substantial support at $172.27 if bearish pressure increases.