Solana is trading near $68.82, down about 3.09% over 24 hours, as market attention turned to a large SOL transfer by Forward Industries, the largest known corporate Solana treasury company. On-chain data showed the firm deposited 455,784 SOL, valued at about $31.87 million, into Coinbase Prime after roughly one month of wallet inactivity. The transfer came during a weak period for SOL, which has been trading far below Forward Industries’ average purchase price. Since launching its Solana treasury strategy in September 2025, Forward Industries has spent about $1.59 billion to buy 6.83 million SOL at an average price of $232.08. Source: X At current market levels, the company’s Solana holdings are worth about $458.6 million, leaving an unrealized loss of nearly $1.13 billion. The transfer revived market debate over whether the company may be preparing to reduce exposure, although Forward Industries has not confirmed any sale. Forward Industries Transfer Draws Market Attention Exchange deposits are often monitored because they can precede selling, collateral movement, custody changes, or internal treasury restructuring. In this case, the size of the transfer made the movement notable because Forward Industries is already sitting on a large paper loss. The company’s reported SOL position has been under pressure as Solana dropped from the levels where Forward built its treasury. Market data also showed SOL recently trading near $66, down almost 19% over the past week during the broader crypto market correction. However, some market observers disputed claims that the transfer represented a confirmed sale. SolanaFloor noted that Forward previously moved a larger 1.88 million SOL tranche to Coinbase Prime in November, but later filings showed its SOL holdings were unchanged. That earlier movement suggested the transfer may have been custody-related rather than a sale. Forward also reported a $283.1 million net loss for the quarter ended March 31, 2026, driven by fair value declines on its SOL holdings. The company said that loss did not represent a cash outflow or affect liquidity. Corporate Crypto Treasuries Face Pressure Forward Industries’ transfer comes as several corporate digital asset treasury strategies face renewed scrutiny. Bitcoin treasury firms and Ethereum treasury firms have also seen large unrealized losses as crypto prices declined from earlier highs. MicroStrategy, now Strategy, recently sold 32 BTC after years of emphasizing accumulation. France-based Sequans Communications also said it was ending its Bitcoin treasury strategy and would monetize remaining holdings over time while refocusing on its semiconductor business. The pressure on Forward is different because its exposure is concentrated in Solana. The company’s average entry price of $232.08 is far above current SOL levels, making the treasury position highly sensitive to any additional decline. The latest Coinbase Prime deposit does not prove that Forward is exiting its Solana strategy. Still, the market response shows that large treasury wallet movements are being closely watched while crypto assets trade near key support areas. SOL Technical Chart Shows Weak Weekly Structure Solana’s weekly chart remains bearish after the token dropped back toward the $66 to $70 support area. This zone aligns with the latest wick low and the horizontal support shown on the chart. SOL is trading below major weekly moving averages, showing that sellers remain in control. The long-term moving average sits near $105 to $110, while other higher moving averages are clustered around $135 to $150. As long as SOL remains below those areas , the broader weekly structure remains weak. Immediate support is near $66 to $67. A weekly close below that zone could open the way toward $53, then $43, with a deeper downside area near $35 if selling pressure increases. The volume profile shows lighter traded volume between current prices and lower zones, which can allow faster price movement if support breaks. Source: X On the upside, SOL needs to reclaim $85 to $90 to show early recovery strength. A stronger recovery would require a move back above $105 to $112, where the long-term moving average and prior breakdown area sit. The next major resistance remains near $135 to $150, where the chart shows a large volume area and moving average resistance. That area would likely require stronger market-wide demand to break. The RSI remains weak and near the lower range, showing bearish momentum. A relief bounce is possible because conditions are close to oversold, but a trend change would require stronger buying and a move back above key resistance levels.
