Solana is struggling with selling pressure as the broader market feels the weight of a correction that has tested support levels across the ecosystem. The price is under stress — and data from Arkham Intelligence has identified a particular institutional transaction that adds a direct supply dimension to the current weakness of one of the most closely watched blockchains in crypto.
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Forward Industries — a publicly traded company building a Solana treasury strategy, accumulating SOL as a primary reserve asset in a model that directly compares to MicroStrategy’s Bitcoin approach — deposited 455,784 SOL worth approximately $31.87 million on Coinbase Prime after a month of complete inactivity.
Forward Industries moves Solana to Coinbase | Source: Arkham
A company that has been building a SOL treasury and has shown no exchange-focused activity all month, choosing this particular moment to move nearly $32 million worth of Solana to Coinbase Prime describes a deliberate decision rather than routine portfolio management.
Whether the deposit represents preparation for a sale, a financial arrangement or a strategic repositioning is a question raised by Arkham’s data — and the answer has direct implications for Solana’s ability to maintain its current level of support.
Forward Industries is in a big loss
Arkham’s data reveals the full scale of what Forward Industries built – and what the market has done since. Since launching its Solana treasury strategy in September 2025, the company has invested approximately $1.59 billion to purchase 6.83 million SOL at an average price of $232.08 per token.
At current prices, those 6.83 million SOLs are worth roughly $458.6 million.
The unrealized loss on the position is approximately $1.13 billion — a decline of approximately 71% from the average entry price that puts Forward Industries significantly underwater on what was supposed to be a long-term strategic reserve.
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The context that makes the Coinbase Prime deposit alarming is the combination of that size of loss and the previous month of inactivity. A company that has $1.13 billion in unrealized losses that has been dormant for a month and then moves a $31.87 million SOL to institutional execution during a market selloff is a company that faces questions that the deposit itself cannot answer.
Whether the main deposit represents a financing arrangement against an existing position, a partial liquidation to manage balance sheet pressure, or a strategic repositioning decision is what the market is now factoring into Solana’s current price action — and the answer will determine whether the $31.87 million deposit is the start of a larger bid or an isolated operational move.
Solana’s collapse accelerates as bears target February lows
Solana remains under intense selling pressure, with the daily chart showing a decisive decline below the multi-month consolidation range held between roughly $80 and $90 throughout March, April and most of May. After losing support near the 200-day moving average, the sellers quickly regained control and pushed the SOL towards the $66 area, the lowest level since the capitulation event in February.
Solana setting fresh lows | Source: SOLUSDT chart on TradingView
The technical structure has significantly deteriorated. SOL is now trading below the 50-day, 100-day and 200-day moving averages, with all three moving averages down. This alignment confirms a bearish trend across multiple timeframes and suggests that the gains are likely to face major resistance rather than attract sustained buying.
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Volume also increased during the dip, indicating that the recent move was supported by aggressive participation rather than a lack of liquidity. The large red candles seen during the breakdown reinforce the idea that sellers remain dominant despite oversold conditions.
From a price structure perspective, the February low near $63-65 has become the most important support zone on the chart. This area previously triggered a strong recovery and now represents the bulls’ last line of defense. A decisive break below it could open the door to the psychological level of $60 and potentially lower.
Featured image from ChatGPT, chart from TradingView.com
