Solana (SOL) climbed to its highest level since January on Friday, buoyed by signs of large-scale treasury accumulation and strategic withdrawals from major exchanges. The token rose 5% over the past 24 hours to $239.47, extending weekly gains to 18% and handily outperforming bitcoin (BTC) and ether (ETH), which added just 4%–5% in the same period.

Blockchain data from Arkham Intelligence revealed that Galaxy Digital moved roughly 3.1 million SOL—valued at $724 million—off exchanges, primarily Binance and Coinbase, over the past two days. The transactions are widely believed to be connected to Forward Industries (FORD), a digital asset treasury firm that recently raised $1.65 billion to build a dedicated Solana portfolio. Galaxy was a lead investor in the raise, with its asset management arm mandated to actively oversee Forward’s holdings.

Treasury demand and ETF hopes
Market observers suggest this emerging wave of treasury demand could be a defining catalyst for Solana’s performance. Earlier this week, Bitwise CIO Matt Hougan said SOL’s relatively smaller market cap compared with bitcoin and ether leaves it particularly sensitive to inflows from new institutional vehicles such as treasury firms and potential spot ETFs.

Galaxy CEO Mike Novogratz echoed that sentiment in a Thursday interview with CNBC, declaring that the market may be entering the “season of SOL.” He highlighted Pantera’s forthcoming Solana-focused treasury initiative and the possibility of Solana ETFs as drivers of new capital entering the ecosystem.

The firm has also been deepening its involvement with Solana: earlier this month, Galaxy selected the blockchain to tokenize its corporate stock in collaboration with Superstate.