Galaxy Digital Inc (NASDAQ: GLXY) shares were having a good day on Thursday, and the reason is pretty simple: crypto is up, and when crypto is up, Galaxy tends to follow. Bitcoin was hovering near $71,471, while Ethereum had pushed past $2,268, according to CoinMarketCap data. That kind of momentum tends to lift the whole sector, and Galaxy is no exception.
But there's more to the story than just a green candle on the Bitcoin chart. The rally comes on the heels of a White House summit held Wednesday, where President Donald Trump doubled down on his promise to keep the U.S. at the forefront of cryptocurrency and emerging tech. The meeting wasn't just a photo op; it included SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and executives from major industry players like Coinbase Global, Robinhood, Ripple, and Kalshi. Trump used the occasion to urge Congress to pass the CLARITY Act, which would set much-needed regulatory standards for digital assets. That's the kind of policy signal that can move markets, even if it's not a done deal yet.
On the operational side, Galaxy also had some news worth noting. Bank Leumi, one of Israel's largest banks, announced a partnership with Galaxy on Aug. 14 to offer digital asset trading to its customers. This makes Bank Leumi the first bank in Israel to do so, and it's using GalaxyOne Institutional and Galaxy's Custody Infrastructure platform, formerly known as GK8. The service is expected to launch in early 2027. Lior Lamesh, CEO of Galaxy Israel, put it succinctly: "Leumi is the first bank in Israel to bring digital assets to its customers, and it chose Galaxy to make it possible." That's a nice vote of confidence for Galaxy's technology and its push into institutional crypto services.
Now, let's talk about the stock itself. From a technical standpoint, GLXY is in what you might call a "bounce inside a bigger downtrend." It's trading 9.8% above its 20-day simple moving average (SMA) of $21.03, which sounds bullish, but it's still 7.4% below its 50-day SMA of $24.95, and about 9% to 10% below its 100-day and 200-day averages. That mix usually signals short-term strength that hasn't yet flipped the intermediate trend back to bullish. In other words, the stock is catching a bid, but it's not out of the woods yet.
Momentum, as measured by the Relative Strength Index (RSI), sits at 52.58. That's neutral, which is consistent with a stock that's chopping sideways rather than trending hard in either direction. The bigger longer-term caution flag is the death cross that occurred in August, when the 50-day SMA fell below the 200-day SMA. That's a bearish signal that often keeps rallies "sold into" until price can reclaim key moving averages. Traders will also remember the recent swing high in June and swing low in July as the most recent pivot points defining the current range.
So, what levels should you watch? Key resistance is at $26, which also happens to be the price target Citigroup set on Wednesday when it maintained its Neutral rating on the stock. Key support is at $21, right around that 20-day SMA. If the stock can break above $26, that would be a meaningful signal that the downtrend might be reversing. If it falls below $21, the bounce could be over.
At the time of publication on Thursday, Galaxy Digital shares were up 5.21% to $23.22. That's a solid move, but it's still below that 50-day SMA, so the trend is not your friend just yet. Keep an eye on those levels, and remember that in crypto land, things can change fast.
