Forward Industries Buys 6.82 SOL as Solana Price Closes to Key Support
- The Solana price pullback seeks support at the breached trendline of the channel pattern before the next leap.
- Forward Industries has purchased 6.82 million SOL, worth about $1.58 billion, as part of its treasury rollout.
- The Solana price holding above the 20-day exponential moving average indicates a high-momentum rally in action.
On Monday, September 16th, the global design and technology company, Forward Industries, completed a substantial purchase of 6,822,000 SOL tokens for its Solana treasury. While the move signals the growing institutional interest in SOL, the coin price fell to an intraday low of $230.15, registering a loss of 5.68%. The selling pressure likely followed a broader pullback in the crypto market, which pushed Bitcoin below $115,000 again. Will the renewed selling pressure pull Solana below $200 again?
Forward Industries Deploys $1.58B for Initial Solana Purchase
Forward Industries, Inc. announced that it has followed its first round of Solana acquisitions with a total of 6.82 million SOL. The purchases, at an average cost of $232 per token, amount to an expenditure of some $1.58 billion.
The acquisition follows the firm’s $1.65 billion private investment in public equity (PIPE) round, which closed on September 11, 2025. The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital and is thought to be the largest capital raise to date aimed at a Solana-focused treasury. Additional participation was provided by investment firms and angel investors in the digital asset industry.
“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest-growing and most profitable blockchain networks,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries. “We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders. We are pleased to make some of our SOL purchases on-chain, which is the first of many activities we expect the company to do natively on-chain.”
Part of the buying process was done on-chain, including one $1 million trade going through DFlow, a decentralized exchange aggregator for Solana trading. Liquidity for that transaction was taken from SolFi. The company promoted this as the first in a series of indigenous on-chain activities that it plans to do.
The tokens obtained are not subject to lock-up, and those were accumulated through the market and blockchain-based channels. Forward Industries emphasized that all holdings have had their stakes since purchase.
Solana Price Sees Last Pullback Before $250 Breakout
In the first week of September, the Solana price showcased a high momentum rally from $194.2 to $249.6, accounting for a 28.53% growth. Along with broader market recovery, the SOL coin picked up additional momentum from its growing institutional interest and increasing speculative force in the futures market.
Amid this rally, the coin price gave a decisive breakout from the resistance trendline of a rising channel pattern, which carried a steady uptrend within two ascending trendlines since April 2025. Despite the bullish nature of this pattern, an upside breakout from its resistance signals the bulls are more aggressive and ready to bet on a higher price.
The momentum indicator RSI above 60% further reflects the bullish sentiment in the market. However, the Solana price reverted to $233 amid the current market pullback. The falling price could plunge another 3% to test the breached trendline as potential support at $226. If the support holds, the post-breakout rally could extend to $264, followed by a lead towards $295.8.
On the contrary, if the Solana price re-enters the channel range, the bullish thesis would be at risk, and the coin could fall to the psychological level of $200.
Also Read: Bitcoin Price Targets $125,000 as Supply Squeeze Intensifies
