Galaxy Digital Inc. (NASDAQ:GLXY) stock fell more than 7% Monday as weakness in the cryptocurrency market and continued selling pressure weighed on shares.
The decline came despite gains in the broader market. The Nasdaq rose 0.19%, while the S&P 500 gained 0.42%. Financial stocks climbed 2.04%.
Cryptocurrency Weakness Weighs on Sentiment
Galaxy Digital faced pressure amid reports of a major security breach involving Binance (CRYPTO: BNB).
According to the report, Binance disclosed on X that unauthorized actors withdrew about $6.3 billion during a Thursday incident.
The reported breach added to concerns across the digital asset market.
Bitcoin (CRYPTO: BTC) traded at $76,989.06 Monday, down 1.3% over the previous 24 hours.
Galaxy Digital provides cryptocurrency trading, asset management and other institutional financial services. It also operates data center infrastructure for artificial intelligence and high-performance computing.
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Technical Indicators Signal Continued Weakness
Galaxy Digital shares remain under pressure, trading 16.6% below their 20-day simple moving average (SMA) and 31.6% below their 50-day SMA.
The stock also trades 38.6% below its 200-day SMA, signaling a broader bearish trend.
Its 50-day SMA remains below the 200-day average following a death cross in August.
However, the moving average convergence divergence (MACD) indicator has moved above its signal line. This suggests selling momentum may be easing.
The $14 level remains a key support area near the stock’s 52-week low.
Wall Street Maintains Bullish Outlook
Despite the recent weakness, analysts maintain a consensus Buy rating on Galaxy Digital, with an average price forecast of $35.67.
Chardan Capital maintained its Buy rating Thursday but lowered its price forecast to $27. Canaccord Genuity maintained its Buy rating and $50 forecast Wednesday. Rosenblatt also maintained its Buy rating and $30 forecast.
GLXY Price Action
Galaxy Digital shares fell 7% to $14.88 Monday at the time of publication, according to Benzinga Pro.
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