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.

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.

Image via Shutterstock

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.