Solana on Edge as Forward Industries Sends 1M SOL to Coinbase Prime

• Forward Industries moves 1M SOL to Coinbase, sparking sell-off fears.
• Lookonchain reports massive Solana transfer raising investor market tension.
• SEC decision could define Solana’s next major price direction.

Solana’s market faced renewed tension after Forward Industries transferred nearly one million SOL tokens to Coinbase Prime. According to Lookonchain, the on-chain analytics platform that first reported the move on X (formerly Twitter), the firm deposited exactly 993,058 SOL, valued at about $192.08 million, just 15 hours ago. The development immediately stirred speculation across the crypto community about whether the transfer signals a potential sell-off.

Also Read: Japan to Impose Stricter Rules on Crypto Insider Trading

Massive Deposit Raises Market Alarm

Lookonchain further revealed that Forward Industries — which had previously purchased 6.82 million SOL worth $1.38 billion at $232 per coin- also sent 250,000 SOL (approximately $50 million) to Galaxy Digital, the investment firm led by Mike Novogratz. This additional transfer heightened curiosity among market watchers, many of whom are now debating whether Forward intends to rebalance its holdings or begin offloading assets at a loss.

At the time of writing, Solana trades around $207.71, reflecting a 5.9 percent daily gain after climbing from a weekly low of $191.67. Despite this rebound, trading volume remains muted, down by over 13 percent to $11.42 billion, suggesting that investors are still cautious amid the broader market’s volatility.

Investors Watch Closely as Regulatory Clarity Nears

Attention now turns to the Securities and Exchange Commission (SEC), which is expected to issue decisions on several pending cryptocurrency ETF applications. A favorable outcome could encourage greater institutional inflows into Solana and other leading assets. Consequently, some analysts believe Forward Industries’ large transfer to Coinbase Prime may reflect preparation for a shift in strategy once the regulatory picture becomes clearer.

While the timing of the move has fueled uncertainty, several observers argue that it could be part of a broader portfolio adjustment rather than an outright sell-off. With Forward Industries’ transactions under close watch and Solana’s price recovery gaining pace, the market remains alert for any signs of the company’s next move.

Also Read:  CoinsKid: “XRP’s Q4 Move Still on the Table” – Here’s What Needs to Happen

The post Solana on Edge as Forward Industries Sends 1M SOL to Coinbase Prime appeared first on 36Crypto.