Corporate Solana Treasury company Forward Industries could be hedging its bets on Solana, potentially derailling bullish Solana price predictions with massive sell pressure.
The past 24 hours have seen over $250 million worth of the altcoin transferred from the FORD wallet to the exchange Coinbase, a potential move to make the funds liquid in response to prevailing bearish market conditions.
The firm already grapples with unrealised losses of $677 million on the altcoin, and market participants have interpreted the transfer as a move to minimise further losses.
While its public-facing strategy is to maximize shareholder value through on-chain activities like staking, lending, and DeFi participation, it has faced challenges as the SOL price continues to fall.
Still, the situation appears more complex. Shortly after the outbound transfers, just hours later, around $21 million was sent back from the Coinbase hot wallet.
Whether these transfers signal planned sales or are part of internal restructuring remains unclear.
Forward Industries has not issued any statement suggesting liquidation.
Solana Price Prediction: What a Sell-Off Could Mean for SOL
Sell-off concerns may not be warranted just yet, with the descending channel pattern that has held throughout the month-long decline shaping up as a launchpad.
The latest Solana bounce has affirmed a past demand zone at $140, and a potential bottom to its recent decline as momentum indicators show new bullishness.
The RSI has made its sharpest bounce from the 30 oversold threshold yet, while the MACD continues to narrow in on a potential golden cross above the signal line. Both of these suggest growing buy pressure, with the potential to drive a fresh uptrend.
A breakout move could retest past resistance around $210 as support, creating a higher and stronger footing for an attempt on new all-time highs at $300 – a 115% move.
And with continued support through ETF accumulation, U.S. policy eases and broader inclusion on mainstream balance sheets like $FORD, this could stretch 225% to $500.
Still, the bearish case remains. Failure to hold the channel’s lower support could trigger a breakdown to the next key demand zone, 30% lower at $95.
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