TLDR
- A Solana whale withdrew 374,161 SOL ($52.7 million) from Binance to an unknown wallet
- GSR secured a $100 million private investment in Upexi, which will establish a Solana treasury strategy
- Upexi plans to accumulate and stake SOL as part of their treasury strategy
- Institutional interest in Solana is growing with ARK Invest incorporating 3iQ Solana Staking ETF into crypto funds
- Solana is trading around $139, up 7% over the past week, with support at the 50-day EMA level
Solana’s price is showing strength as it trades around $139, up approximately 7% over the past week. Two major events have caught the attention of crypto investors: a significant whale withdrawal from Binance and a $100 million corporate treasury deal.
On-chain data from Whale Alert shows a Solana whale has withdrawn 374,161 SOL from Binance in the past 24 hours. This transaction, worth about $52.7 million, transferred funds from the exchange to an unknown self-custodial wallet.
The large outflow might indicate long-term holding intentions. Typically, investors move cryptocurrency from exchanges to private wallets when they plan to hold for extended periods rather than trade.
This withdrawal required a transaction fee of just 0.00007 SOL, highlighting Solana’s low-cost efficiency for transferring large sums.
Corporate Treasury Adoption
In a separate development, GSR, a crypto trading and investment firm, announced on Monday it secured a $100 million private investment in public equity (PIPE) in Upexi (UPXI).
As part of this deal, Upexi has committed to establishing a Solana treasury strategy. This strategy includes both accumulating and staking SOL tokens.
“The investment underscores GSR’s confidence in Solana as a leading high-performance blockchain and GSR’s mission to bridge the gap between traditional capital markets and the digital asset ecosystem,” stated GSR in their press release.
Brian Rudick, Head of Research at GSR, commented on Solana’s advantages: “Solana’s speed, scalability, and vibrant developer ecosystem make it an ideal foundation for long-term growth.”
Growing Institutional Interest
Institutional interest in Solana is gaining momentum beyond just Upexi. On Monday, asset manager ARK Invest announced it will incorporate Canada’s 3iQ Solana Staking ETF into its crypto-focused funds.
While many companies have followed MicroStrategy’s approach of allocating Bitcoin to corporate treasuries since 2020, most have focused exclusively on Bitcoin.
Upexi’s Solana-centered treasury strategy represents a unique bet on an alternative Layer 1 blockchain. Supporting this trend, commercial real estate firm Janover recently purchased 163,651 SOL, valued at $10.5 million, as part of its crypto treasury initiative.
Galaxy Digital appears to be shifting from Ethereum to Solana. According to Lookonchain data, in the past two weeks, the firm has deposited 65,600 ETH (worth approximately $105.48 million) to Binance and withdrawn 752,240 SOL tokens (valued at $98.37 million) from the exchange.
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
Solana’s price broke above the descending trendline on April 11 and rallied by 11% over the next six days.
SOL rose 4.35% and closed above its 50-day EMA level at $136.14 on Saturday. However, it declined slightly over the next two days before finding support around the 50-day EMA level.
At the time of writing on Tuesday, SOL is trading higher around $139.02.
If the 50-day EMA at $136.14 continues to hold as support, SOL price could extend the rally to retest its March 25 high of $147.48.
A successful close above this level could push prices toward the next daily resistance at $160.
The Relative Strength Index (RSI) on the daily chart reads 58, above its neutral level of 50, indicating bullish momentum.
The Moving Average Convergence Divergence (MACD) exhibited a bullish crossover last week, signaling a buying opportunity and continuation of the upward trend.
However, if SOL fails to maintain support around the 50-day EMA level and closes below it, it could extend the correction to retest its daily support level at $118.10.
