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Solana (SOL) is experiencing significant movement on the cryptocurrency market, sparking concerns about its underlying motive. As spotted by Lookonchain, a data analytics platform, Forward Industries has deposited 993,058 SOL on Coinbase Prime.
Forward Industries’ massive Solana deposit raises market concerns
This development is of interest to the Solana community, as the move is being considered in some quarters as preparation for a sale.
For perspective, Forward Industries had previously purchased 6.82 million SOL valued at $1.38 billion as part of its Solana treasury strategy. That was in September 2025, when SOL exchanged hands at $232 per coin.
However, the asset has since experienced a dip below $200 due to volatility and the recent broader market liquidation. Forward Industries will be sitting in unrealized losses should it choose to sell the assets moved to Coinbase Prime.
With SOL down by over 15% since the coin was bought, the outflow suggests loss realization.
Worth mentioning is that out of the 993,058 SOL, it moved 250,000 SOL valued at approximately $50 million to Galaxy Digital. This is an investment firm founded by Mike Novogratz.
These movements, which could signal a sell-off, are still being tracked, as Forward Industries is unlikely to dump the asset amid its recovery move, although the company is likely trying to reduce exposure or rebalance its holdings.
As of press time, Solana is changing hands at $207.71, which represents a 5.92% increase in the last 24 hours. The coin had climbed from a low of $191.67 to breach the $200 resistance with potential for further upside.
The trading volume is still low and down by 13.59% at $11.42 billion. If there is an uptick in trading activity, it could catalyze higher price movement.
Perhaps, Forward Industries’ deposit to Coinbase Prime is in anticipation of Solana’s rebound to above the cost price of $232.
SEC decision could define Solana’s next price direction
Overall, it is unclear if Forward Industries is losing confidence in Solana amid its current volatility. The present recovery seems to lessen that speculation, as most in the online community considers it strategic in anticipation of possible exchange-traded fund (ETF) approval.
In the next 48 hours, the Securities and Exchange Commission (SEC) should decide on the ETF applications of asset managers on its desk. Approval would mean more institutional exposure and the likelihood of a price surge.
It is this bullish prospect that supports the argument that Forward Industries might not be selling anytime soon.
U.Today Editorial Team
Dan Burgin
