Solana Treasury Bet Turns Sour: Firm Sits On $1.13B Unrealized Loss
Solana faces pressure as Forward Industries transfers $31.8 million in SOL to Coinbase Prime, raising questions about potential sell-side risk
➤ Forward Industries, a publicly traded company with a significant Solana treasury strategy, has deposited $31.8 million in SOL to Coinbase Prime, raising concerns about potential sell-side pressure. ➤ The company holds 6.83 million SOL acquired at an average price of $232.08, resulting in an unrealized loss of approximately $1.13 billion (71% drawdown). ➤ Solana's price has experienced a decisive breakdown below key support levels, indicating a deteriorating technical structure and a bearish trend, with the February low near $63-$65 being a critical support zone.