Solana (SOL) ripped higher on Friday, hitting its strongest price since January as digital asset treasury demand could be taking shape.

The token rallied 5% over the past 24 hours to just shy of $240. It has extended weekly gains to 18% and vastly outperformed bitcoin (BTC) and ether (ETH), which advanced just 4%-5% over the same period.

The gains occurred as digital asset manager Galaxy Digital withdrew some 3.1 million in SOL tokens from exchanges, predominantly from Binance and Coinbase, through the last two days, worth a total of $724 million, blockchain data by Arkham Intelligence showed.

The transactions may have to do with Forward Industries (FORD), the digital asset strategy company with a $1.65 billion cash pile to build a Solana treasury. Galaxy was a lead investor in the fundraising round, while its asset management division was tasked to «actively manage» Forward’s war chest, according to a press release.

Solana season

Solana’s outperformance could continue, Bitwise CIO Matt Hougan forecasted earlier this week, as incoming demand from treasury companies and spot ETF anticipation could have an outsized impact and SOL, given its smaller market capitalization compared to bitcoin (BTC) and ether (ETH).

Mike Novogratz, CEO of Galaxy, echoed that view in a Thursday CNBC interview, saying that the market could be entering the «season of SOL.» He pointed to crypto investment firm Pantera’s upcoming Solana treasury company and the potential approval of SOL ETFs, bringing in fresh money for the crypto.

His firm also chose the Solana blockchain to tokenize its stock with Superstate earlier this month.

Read more: ‘The Ingredients Are All There’: Solana May Be Set to Soar, Says Bitwise