Forward Industries’ ambitious Solana bet is already $245 million underwater as SOL plunged below key supports.
According to Lookonchain, Forward Industries’ bold bet on Solana SOL $194.9 24h volatility: 4.2% Market cap: $106.22 B Vol. 24h: $11.20 B has quickly turned sour as the holdings are facing a floating loss exceeding $245 million.
The crypto space is now having doubts over the firm’s strategy that was supposed to advance the SOL ecosystem.
The company purchased 6,822,000 SOL at an average of $232 per token, spending approximately $1.58 billion to build what Chairman Kyle Samani once called “the world’s largest Solana treasury company.”
Galaxy Digital has helped Forward Industries complete the massive purchase of 6,822,000 $SOL($1.58B) at $232 avg over the past 5 days.
There is still $67M left to purchase $SOL.https://t.co/kWvw9TBRv9https://t.co/I7bSQkIIuk pic.twitter.com/nWioMSqXvX
— Lookonchain (@lookonchain) September 15, 2025
Today, with SOL trading around $194, Forward has seen a massive decline in its portfolio. Meanwhile, Solana’s price has been on a steep correction, falling more than 18% in a single week, one of the worst performances among top-20 cryptocurrencies this year.
Solana OI at ATH
The SOL price drop has been boosted by record activity in futures markets, where open interest has surged to 71.8 million SOL, equivalent to nearly $14.5 billion, as per Coinglass.
Funding rates flipped back into positive territory at 0.0043% after recently dipping negative, indicating a dominance of leveraged long positions at a time when the spot market remains under pressure.
This imbalance could result in a long squeeze, where cascading liquidations cause rapid downside momentum.
SOL Price Analysis
After rallying within a rising wedge structure for months, the token broke sharply to the downside. Prices have slipped below the mid-Bollinger Band support near $226 and are now pressing against the lower band at around $193.
A decisive close beneath this level risks exposing the $180-$170 range, with $160 as a deeper bearish target if momentum accelerates.
Meanwhile, the RSI has dropped to 36, hovering just above oversold territory, while the MACD shows a bearish crossover with widening downside momentum. The overall structure suggests that buyers are losing control.
SOL price action breaking down from a rising wedge. | Source: TradingView
On the other hand, reclaiming the $200-$210 zone would be an early sign of stabilization. Bulls would then need to push back above $226 to regain confidence, with the upper wedge resistance near $259 serving as the long-term bullish target.
Snorter Bot Presale Hits $4.1M, SNORT Set to Revolutionize Solana Trading
While SOL aims for a price recovery, Snorter Bot (SNORT) is gaining traction as a Telegram-based trading assistant. Its first release runs on Solana, simplifying on-chain token discovery, sniping, and management.
The SNORT token, with a fixed supply of 500 million, offers 115% staking APY and has already raised $4.1 million in what is shaping up to be one of the best crypto presales for 2025. Early investors can access premium trading features while enjoying fast, secure swaps directly in Telegram.
Presale Overview of Snorter Bot
- Token Price: $0.1055
- Funds Raised: $4.1 million
- Token Symbol: $SNORT
- Network: Solana
Snorter Bot is positioning itself to become one of the most accessible and powerful crypto trading bots on the market. Make sure you check out the official site to stay updated with the Snorter Bot launch date.
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