Solana Treasury Firm Dumps 455,784 SOL as Holdings Fall 71.2%

Key Insights:

• Forward Industries transferred 455,784 Solana coins, valued at $31.87 million, to Coinbase Prime after a month of inactivity.
• The firm’s 6.83 million SOL holdings have fallen by more than 71% from their original purchase price.
• Despite price weakness, Solana network revenue, tokenized assets, and stablecoin supply continued to grow in May.

Solana is back in focus after Forward Industries moved 455,784 SOL worth $31.87 million to Coinbase Prime. The transfer comes as the company’s large bet on the token faces heavy losses, with the value of its holdings now far below the amount spent to acquire them.

Forward Industries Makes Major SOL Transfer

Solana treasury company Forward Industries has moved 455,784 SOL to Coinbase Prime after roughly a month without any major wallet activity. The transfer, valued at about $31.87 million, was flagged by blockchain tracking platform Lookonchain.

Although the company has not explained the reason for the move. Deposits to exchange-related platforms often draw attention because they can signal an intention to sell or reposition assets. The transaction arrives at a time when the firm’s investment is deeply underwater.

Forward Industries began building its Solana treasury in September 2025. Since then, the company has spent around $1.59 billion buying 6.83 million SOL. Data shared by Lookonchain shows the average purchase price was about $232.08 per coin.

Forward Industries Dumps Solana | Source: Lookonchain

Market conditions have changed sharply since those purchases were made. At current prices, the company’s entire holding is worth about $458.6 million. That leaves the position down more than 71% from the amount originally invested.

Such a steep drop highlights the risks of concentrating large treasury reserves in a single cryptocurrency. A strong rally can quickly increase the value of holdings, but a prolonged decline can have the opposite effect.

Investors are now watching closely to see whether more transfers follow. Another large movement could add to concerns about selling pressure, especially while sentiment around the asset remains weak. For now, attention remains on Forward Industries and what its next step may be.

Solana Price Faces Pressure After Support Break

It is worth noting that price action has also added to concerns among traders. According to analysis shared by More Crypto Online, Solana recently moved below a channel support level that many market participants had been monitoring.

Solana Market Outlook | Source: More Crypto Online

The analyst believes the recovery that started from February’s low may have been a temporary bounce rather than the start of a new upward trend. Under that view, the market could still be in a broader bearish phase. The next important area sits between $62 and $43.

Market participants see that zone as a possible place where buyers could return and try to form a stronger base. Another scenario is on the table. That outlook suggests the current decline could be the final drop before a larger recovery begins. Even so, analysts noted that the evidence for such a move remains limited.

Notably, as things stand, the bearish case continues to carry more weight. A sustained move lower could shift focus to the support range identified by market watchers.

Network Growth Continues Despite Market Weakness

While the price has struggled, activity across the Solana network has continued to grow. Figures released by the Solana team show that applications on the network generated $68 million in revenue during May. That was a 16% increase from the previous month.

Collector Crypt, a collectibles marketplace operating on the network, posted $9 million in monthly revenue, marking a new record. Growth was also seen in tokenized assets. Volumes climbed above $1.1 billion in May, setting another all-time high. Much of that activity came from tokenized stocks.

Stablecoin use also increased. Total stablecoin supply on the network rose 2% during the month. Meanwhile, Ethena’s USDe crossed the $500 million supply mark after launching on Solana in mid-May.

Those figures show that network activity has continued to grow even as the token faces market pressure. Whether that growth eventually helps support price recovery remains a key question for investors.

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