What happened?
Solana’s SOL price surpasses the $209 resistance level, signalling intensified SOL price prediction scenarios. In parallel, Galaxy Digital has launched GLXY tokens directly on the Solana network marking a historic event as the first time a publicly listed U.S. equity has been issued natively on a major public blockchain. Technical analysis forecasts a bullish SOL trend with multiple projections targeting $225-291 in the upcoming months.
Who does this affect?
The event impacts holders of SEC-registered Class A common stock, with the opportunity to convert shares into native tokens on Solana. The tokenization process requires Superstate KYC verification and allows transfers only between allowlisted addresses. This ensures shareholder records are preserved and AML obligations met. Galaxy Digital’s choice to leverage Solana for its speed, throughput, and its role as a high-volume spot trading Layer-1 blockchain also highlights Solana’s growing market importance.
Why does this matter?
From a market impact perspective, such developments underline the increasing integration of traditional markets and cryptocurrencies. By issuing an SEC-registered equity on a public blockchain, Galaxy Digital is creating a precedent that could potentially shape future equity trading practices. For Solana, the move signifies increased platform trust and acceptance. Furthermore, it reaffirms projections of SOL maintaining a strong market position, following forecasts of reaching prices up to $291 in the months ahead.