Forward Industries, the largest corporate holder of Solana (SOL), has transferred 1.8 million SOL, worth around $238 million, to Coinbase Prime. The move has sparked concerns about a potential sell-off.
The company acquired 6.9 million SOL in September 2025 through a $1.65 billion Private Investment in Public Equity deal, representing roughly 1.12% of Solana’s total supply. Forward Industries aims to boost shareholder value through staking, lending, and DeFi activities.
However, Solana’s price has fallen nearly 29% in the past month, leaving the company with unrealized losses of $677 million. The altcoin currently trades at $132.47, down 5.4% in the past 24 hours.
Following the transfers to Coinbase, around 160,900 SOL were sent back to Forward Industries’ wallet. The firm now holds 4.129 million SOL, valued at roughly $552 million. It is unclear whether the moves signal a planned sale or internal restructuring.
Technical indicators suggest further caution. Analysts note a developing head-and-shoulders pattern on Solana’s chart, typically a bearish signal indicating potential further price declines.
Investors are closely watching Forward Industries and Solana’s price action amid broader market pressures and heavy selling across major cryptocurrencies.
