Forward Industries Faces $245M Loss on Solana Investment

Forward Industries' investment in Solana (SOL) has resulted in a floating loss of over $245 million, as the company's strategic purchase of 6,822,000 SOL at an average price of $232 per token now faces challenges with SOL trading around $194.

The firm spent approximately $1.58 billion on SOL to become the largest Solana treasury company.
SOL's price has dropped more than 18% in a week, marking one of the worst performances among top-20 cryptocurrencies.

Market Dynamics

Open interest in SOL futures surged to 71.8 million SOL (~$14.5 billion), indicating high market activity.
Positive funding rates suggest leveraged long positions dominate despite spot market pressure.
This imbalance might lead to a long squeeze, causing further downward momentum.

Technical Analysis

SOL broke down from a rising wedge, falling below the mid-Bollinger Band support near $226.
Current prices are testing the lower band at ~$193, risking exposure to the $180-$170 range.
RSI is at 36, near oversold territory; MACD indicates bearish momentum.
A recovery above $200-$210 could signal stabilization, with resistance at $259 as a long-term bullish target.

SOL price action breaking down from a rising wedge.

Snorter Bot Presale

Snorter Bot (SNORT) raised $4.1 million, being positioned as a Telegram-based Solana trading assistant.
Offers 115% staking APY and aims to simplify on-chain token management.

The token's fixed supply is 500 million, with a presale price of $0.1055, indicating strong investor interest.