As SOL falls to a more than two-year low, institutional holdings are beginning to attract market attention. On-chain data shows that Forward Industries recently transferred 455,784 SOL to Coinbase Prime, equivalent to approximately $31.9 million at the price mentioned in the article.
Simultaneously unpledge 500,000 SOL
According to data from Arkham Intelligence, the address in question had been inactive for about a month prior to this transfer. Meanwhile, Forward Industries also unstaking 500,000 SOL tokens via Sanctum approximately nine hours earlier.
These two transactions have attracted attention because the company has become one of the largest institutional holders of SOL since adopting the Solana treasury strategy in September 2025. The transfer to Coinbase Prime is often interpreted by the market as preparation for a subsequent sale or portfolio rebalancing, but the article does not mention whether the company has already completed the sale.
The cost basis of the holdings is much higher than the current price.
Reports indicate that Forward Industries had previously purchased approximately 6.83 million SOL tokens, with a total investment of approximately $1.59 billion and an average holding cost of approximately $232 per token.
- Transferred to Coinbase Prime: 455,784 SOL
- Unstaking amount: 500,000 SOL
- Current total holdings: approximately 6.83 million SOL tokens
Based on SOL's current price of approximately $66, this holding is worth about $459 million, representing an unrealized loss of over $1 billion from the purchase price. Over the past week, SOL has fallen by about 20%, with the price near its lowest level in over two years.
Solana on-chain activity remains high.
Despite pressure on token prices, Solana's on-chain data remains active. The report mentions that Solana achieved $90.5 million in decentralized application revenue in May, ranking first among major public chains, followed by Ethereum and Hyperliquid.
In addition, Solana processed approximately $1.1 billion in tokenized asset transactions, with about 8 million weekly active users. This indicates that while liquidity weakened, on-chain activity did not cool down significantly.
The market is focused on subsequent selling pressure.
The article also mentions that some analysts believe SOL may retest the $40 area if the current support level is breached. Their reasoning is that SOL has historically experienced rapid fluctuations within the $40-$80 range, and if selling pressure continues, the price decline could accelerate.
However, based on the available information, the market is more concerned about whether institutional addresses will continue to transfer SOL to trading platforms, and whether the tokens released from staking will flow into tradable accounts.
