Forward Industries has shifted course after nearly a month of inactivity, transferring a major portion of its Solana holdings back to crypto exchanges. On-chain data reveals that within the last 24 hours, the company deposited 455,784 SOL on Coinbase Prime. In addition, a further 500,000 SOL have been unstaked via the Sanctum platform, freeing up significant liquidity.
SELLING PRESSURE MOUNTS AS SOL SLUMPS
SOL’s recent fall below $70, touching lows of $66, has reignited debates over Forward Industries’ treasury strategy. Since the start of June, Solana has dropped by 19.3 percent, highlighting how broader market weakness is especially impacting Solana-centric portfolios.
Forward Industries still possesses 3.787 million SOL in its main wallet according to reports. The second batch of 500,000 unstaked SOL has not yet hit any exchange based on available blockchain data.
After a period of relative dormancy, Forward Industries has resumed moving SOL assets, with part of the transfers tracked to Coinbase Prime, amid heightened market scrutiny.
SOLANA TREASURY STRATEGY UNDER THE MICROSCOPE
Recent market moves have raised fresh questions about the sustainability of institutional treasuries heavily invested in SOL. Current data indicates that 20 different entities are holding SOL on their balance sheets, with just over half of these assets staked. In total, nearly 18 million SOL—or around 2.94 percent of the circulating supply—is currently locked in these treasuries.
Records show that Forward Industries’ average SOL acquisition price stands at $232.08, which corresponds to the period near the token’s all-time highs. At present prices, the company’s paper losses amount to approximately $1.3 billion, with total acquisition costs nearing $1.6 billion.
The company’s own stock price has not been immune to the ongoing pressure. Forward Industries trades as FWDI on Nasdaq and has dropped roughly 40 percent since the start of the year. Compared to last summer’s DAT company summit, the stock is now down a staggering 90 percent.
| Indicator | Data |
|---|---|
| SOL sent to exchanges | 455,784 |
| Unstaked SOL | 500,000 SOL |
| Remaining SOL in wallet | 3.787 million |
| Average acquisition price | $232.08 |
STRONG NETWORK ACTIVITY AMID WEAK PRICE ACTION
Despite the mounting price pressure, Solana’s ecosystem activity remains robust. The network’s weekly user count has surged to 8 million. Weekly fee revenues stand at $2.79 million, keeping Solana among the top five most productive blockchains globally.
In May, decentralized applications running on Solana generated over $68 million in revenue—a 16 percent jump from the previous month. Much of this growth came from tokenized stocks, with notable volumes reported through Solana-focused platforms like XStocks.
Mini glossary: A tokenized stock is a digital representation of a company share issued on a blockchain. XStocks is a Solana-based platform specializing in trading such digitized assets within the ecosystem.
Solana’s May network data showed decentralized apps generated $68 million in revenue—a 16 percent increase over the previous month.
GROWING COMPETITION YET HIGH LIQUIDITY REMAINS
Solana’s stablecoin supply also expanded by 2 percent during this period. Even as meme token trading slowed, fees from collectibles and tokenized assets provided stable network income. Market speculation also hints that post-IPO trading in SpaceX tokenized stocks may occur on Solana.
However, Solana faces fiercer competition in the DeFi and on-chain derivatives sector, particularly against Hyperliquid. This is especially noteworthy for contracts based on US equities and pre-IPO shares. Still, Solana remains a key network for bridged HYPE tokens. The total value locked on the network is now $4.92 billion and stablecoin liquidity hovers at $14.74 billion.
