Forward Industries deposited 455,784 Solana tokens worth roughly $31.87 million to Coinbase Prime on Monday, ending a month-long stretch of inactivity on its wallet. The move comes as Solana’s price breaks below a key multi-month trading range and nears a critical support zone near $63 to $65.
The Deposit That Broke the Silence
After not making any visible moves for weeks, Forward Industries’ wallet transferred the SOL to the exchange’s custody platform. Coinbase Prime is used by institutional clients for trading, staking, or custody – the specific intent isn’t public. The deposit alone represents a small fraction of the company’s overall position.
Forward has been accumulating Solana since September 2025. It now holds 6.83 million SOL, bought at an average price of $232.08 per token. Total spend: roughly $1.59 billion. At current prices near $66, that stake is worth about $458.6 million – an unrealized loss of $1.13 billion, or a 71% drawdown from the entry price.
What the Charts Show
Solana’s price has broken out of the multi-month consolidation range between $80 and $90, dropping to around $66. The token now trades below its 50-, 100-, and 200-day moving averages, all of which are sloping downward. Volume expanded during the decline, pointing to aggressive selling.
The February low near $63 to $65 is the most immediate support. A decisive break below that level could open the door to $60 or lower. Traders are watching whether the zone holds or gives way to further losses.
Whether Forward’s Coinbase Prime deposit signals an upcoming sale or just routine custody management isn’t clear. The company hasn’t commented. What is clear: Solana is testing a make-or-break level, and one of the largest known institutional holders just stirred after weeks of silence.
