Galaxy Digital CEO Explains Why This Is the ‘Season of SOL’

Solana’s SOL rallied above $239 on Friday, extending its sharp September features, as Galaxy Digital CEO Mike Novogratz described the blockchain as “tailor-made” for world monetary markets and analyst Ali Martinez charted a possible path to $1,314.

Martinez, a well known crypto analyst, highlighted Solana’s breakout from what chart technicians name a cup-and-handle sample, a formation that always indicators the begin of a long-term rally.

In his chart, Martinez marked $1,314.41 as the most important technical goal, utilizing Fibonacci retracement ranges to venture Solana’s upside. The sample displays a multi-year basing construction: Solana’s deep decline in 2022 and 2023 fashioned the “cup,” whereas the sideways consolidation of 2024 and early 2025 fashioned the “handle.”

According to Martinez, the breakout above resistance close to $220 validates the construction and opens the strategy to a lot increased ranges if momentum persists.

Novogratz, talking on CNBC’s “Squawk Box” Thursday, lassist out a sweeping bull case for Solana and crypto extra broadly. He started by pointing to treasury corporations tied to each ETH and SOL, which he mentioned are elevating billions of {dollars} and bringing “lots of energy and money” into the digital asset ecosystem.

He then pivoted to bitcoin, predicting the world’s largest cryptocurrency ought to see a surge towards the finish of the 12 months.

But his most detailed remarks targeted on Solana and the altering regulatory panorama. Novogratz mentioned U.S. SEC Chair Paul Atkins has made clear that he needs all markets to maneuver on-chain, citing a speech earlier in the week the place Atkins declared, “On-chain capital markets and agentic finance are on the horizon, and the world is watching.”

As half of that backdrop, Novogratz flagged Nasdaq’s proposal to the SEC to permit tokenized securities to be traded straight on the Nasdaq Stock Market. Combined with the new U.S. stablecoin framework, he argued, crypto lastly has each the know-how and the regulatory readability to function monetary market infrastructure.

On the know-how facet, Novogratz emphasised Solana’s uncooked capability, saying the blockchain can deal with 14 billion transactions per day — sufficient, in his phrases, “to process all the transactions in equities, fixed income, commodities and foreign exchange combined.” He went on to name Solana a blockchain that’s “tailor-made” for monetary markets.

Adding it up — scalable infrastructure, a pro-blockchain regulatory stance and billions in new institutional inflows — Novogratz concluded that “this is the season of SOL,” a second when Solana is positioned to take a number one position as capital markets shift on-chain.

Technical Analysis Highlights (Sept. 11 15:00 – Sept. 12 14:00 UTC)

• According to CoinDesk Research’s technical evaluation information mannequin, SOL gained about 6% in the 24-hour interval, climbing from $227.14 to $240.02, with buying and selling volumes reaching 3.66 million contracts.
• The token broke above eight months of resistance at $220, hitting $240 for the first time since January as institutional consumers added publicity.
• The strongest rally occurred in the remaining hour of buying and selling (13:14–14:13 UTC on Sept. 12), when SOL superior one other 1% from $239.92 to $241.17.
• The most dramatic breakout got here simply after midnight UTC on Sept. 12, when quantity surged to three.66 million contracts — almost triple the 24-hour common of 1.46 million.
• Support was established round $225.50 throughout early consolidation, whereas resistance emerged at $240.08, the place a number of rallies initially stalled.
• Heavy buying and selling quantity at $228.78 (3.66 million contracts) confirmed that stage as a key assist zone.
• The busiest buying and selling window was 14:09–14:11 UTC, with 214,368 contracts altering arms — almost six instances the typical hourly common.
• A contemporary assist stage has now fashioned close to $241.17, suggesting consumers are prepared to defend increased costs even after the breakout.

Disclaimer: Parts of this text have been generated with the help from AI instruments and reviewed by our editorial workforce to make sure accuracy and adherence to our requirements. For extra data, see CoinDesk’s full AI Policy.