Corporate Entity Readies Possible $250 Million SOL Sale – Are They Anticipating a Further Decline?

Corporate Solana Treasury entity Forward Industries may be taking precautions regarding Solana, which could undermine optimistic Solana price forecasts due to significant selling pressure.

In the last 24 hours, more than $250 million worth of the altcoin has been moved from the FORD wallet to the exchange Coinbase, possibly to convert the assets into liquid form amid current bearish market trends.

Forward Industries wallet holdings. Source: Arkham Intelligence.

The company is already facing unrealized losses of $677 million on the altcoin, and market observers have viewed the transfer as an effort to limit additional losses.

Although its public strategy aims to enhance shareholder value through on-chain initiatives such as staking, lending, and DeFi involvement, it has encountered difficulties as the SOL price continues to decline.

However, the situation seems more intricate. Shortly after the outbound transfers, approximately $21 million was sent back from the Coinbase hot wallet just hours later.

It remains uncertain whether these transfers indicate planned sales or are part of internal restructuring.

Forward Industries has not released any statements indicating liquidation.

Solana Price Prediction: Implications of a Sell-Off for SOL

Concerns regarding a sell-off may not be justified at this point, as the descending channel pattern that has persisted throughout the month-long downturn appears to be forming a launchpad.

SOL / USD 1-day chart, descending channel pattern. Source: TradingView.

The recent bounce in Solana has confirmed a previous demand zone at $140, potentially marking a bottom in its recent downturn as momentum indicators exhibit renewed bullishness.

The RSI has recorded its most significant bounce from the 30 oversold threshold to date, while the MACD is approaching a potential golden cross above the signal line. Both indicators suggest increasing buying pressure, which could lead to a new upward trend.

A breakout could retest previous resistance around $210 as support, establishing a stronger base for an attempt at new all-time highs at $300 – representing a 115% increase.

Moreover, with ongoing support from ETF accumulation, easing U.S. policies, and broader adoption on mainstream balance sheets like $FORD, this could extend 225% to $500.

Nonetheless, the bearish scenario persists. A failure to maintain the channel’s lower support could result in a decline to the next significant demand zone, 30% lower at $95.

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