Forward Industries move 455,784 SOL go Coinbase Prime as SOL dey slip
Forward Industries don resume im de manage dia Solana (SOL) treasury when dem transfer 455,784 SOL go Coinbase Prime after near one month wey dem no do anything, and this don make people dey wonder if dem go sell SOL.
The latest report show say dem still do another liquidity move: the firm unstake 500,000 SOL through Sanctum, so dem free more SOL to manage de treasury. These moves come as SOL don drop about 19.3% since early June, even trade for mid-$60s and below $70 sometimes.
On-chain and reported holdings show say the company still dey carry big unrealised losses: about 3.787 million SOL for dia main wallet, with average buy price $232.08 per SOL (paper losses estimate around ~$1.3B, total cost ~$1.6B). The Nasdaq ticker (FWDI) don also fall sharply this year.
For traders, the main point mixed: SOL deposits to exchanges fit increase near-term supply risk, but Solana usage and network indicators still supportive (weekly users rising, fee revenue up, DApp revenue up, and elevated TVL). Net-net, watch SOL exchange flows to see if dem go continue sell or na just treasury rebalancing.
Bearish
Dis kain event fit dey bearish for SOL for short term because Forward Industries carry plenty SOL go prime brokerage afta long time wey dem no do anything, and the extra unstaking through Sanctum don make am easier to sell. People dey watch exchange deposits well as sign say liquidation or rebalancing fit happen, especially as the firm still dey deep loss on top dem SOL cost basis.
But e no pure negative. The later article show say Solana network fundamentals dey improve and user/fee/activity metrics dey rise, wey fit soak some of the potential supply and help long-term sentiment. Traders suppose treat am as near-term supply-risk signal (bearish bias) and dey monitor whether more SOL go exchanges follow or the move become non-selling treasury management.