Galaxy Digital Switches from Ethereum to Solana, What will be the Impact on the Market?

Updated

April 24, 2025

Gambar Galaxy Digital Switches from Ethereum to Solana, What will be the Impact on the Market?

Jakarta, Pintu News – On Tuesday, April 22, the price of Ethereum fell below $1,700 after initially recording a 3% increase. This drop coincided with a major decision by Galaxy Digital who decided to swap Ethereum (ETH) worth around $106 million for Solana .

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Galaxy Digital adopts Solana amid Ethereum challenges

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

Galaxy Digital has made a massive swap from Ethereum (ETH) to Solana (SOL) with a transaction value of $106 million, according to data from blockchain analytics platform Lookonchain.

These transactions were made through Binance over the past two weeks, signaling a strategic shift in their portfolio. This change reflects a broader shift in institutional sentiment.

Market data shows a decline in Ethereum (ETH) holdings among large entities, which reinforces the narrative that trust in Ethereum (ETH) is fading. The decline in Ethereum (ETH) decentralized exchange volumes also adds to concerns about its long-term prospects.

Ethereum’s Decline in Dominance Amid Market Competition

Ethereum’s (ETH) market dominance has dropped below 7%, hitting its lowest point in years. Analysts attribute this to ongoing scalability issues, high gas fees, and slow Layer 2 adoption. These factors have weakened Ethereum’s (ETH) position in the crypto ecosystem.

Although Ethereum (ETH) still leads in developer activity and Total Value Locked (TVL) protocols, competitors like Solana (SOL) are starting to gain traction thanks to faster transaction speeds and growing ecosystem support.

Galaxy Digital’s decision to increase their exposure to Solana (SOL) could be an indicator of a wider adoption shift among institutional portfolios.

Ethereum Facing Hurdles and Potential Decline?

Today’s Ethereum (ETH) price forecast shows a strong intraday surge, closing at $1,701 after touching a daily high of $1,725. However, this move stalled just below the upper limit of the Bollinger Band at $1,672, which could indicate overextension or buying saturation conditions in the short term.

Momentum indicators such as the MACD histogram have turned bullish, with the MACD line crossing above the signal line-providing an early signal of a potential upside move. Even so, the indicator is still below zero, indicating that the main trend has yet to fully recover after a prolonged bearish phase since early April.

For futures traders, this situation opens up two strategic possibilities: if ETH is able to hold above $1,725, then the next target is around $1,800. However, if the price fails to break and close above the resistance, then a rejection is likely, and selling pressure could bring the price back to the $1,600 area-especially if trading volumes do not support the expected breakout.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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