Solana Treasury Bet Turns Sour: Firm Sits On $1.13B Unrealized Loss

Solana has been struggling with selling pressure as the broader market feels the weight of a correction that has tested support levels across the ecosystem. The price is under stress — and data from Arkham Intelligence has identified a specific institutional transaction that adds a direct supply dimension to the current weakness on one of the most closely watched blockchains in crypto.

Forward Industries — a publicly traded company that has been building a Solana treasury strategy, accumulating SOL as a primary reserve asset in a model that draws direct comparison to MicroStrategy’s Bitcoin approach — has deposited 455,784 SOL worth approximately $31.87 million to Coinbase Prime after a month of complete inactivity.

A company that has been building a SOL treasury and has shown no exchange-directed activity for a full month, choosing this specific moment to move nearly $32 million worth of Solana to Coinbase Prime, describes a deliberate decision rather than routine portfolio management.

Whether the deposit represents preparation for selling, a financing arrangement, or strategic repositioning is the question the Arkham data raises — and the answer carries direct implications for Solana’s ability to hold current support levels.

The Arkham data reveals the full scale of what Forward Industries has built — and what the market has done to it since. Since launching its Solana treasury strategy in September 2025, the company has deployed approximately $1.59 billion to acquire 6.83 million SOL at an average price of $232.08 per token.

At current prices, those 6.83 million SOL are worth approximately $458.6 million.

The unrealized loss on the position sits at roughly $1.13 billion — a drawdown of approximately 71% from the average entry price that places Forward Industries in a significantly underwater position on what was intended to be a long-term strategic reserve.

The context that makes the Coinbase Prime deposit alarming is the combination of that loss magnitude and the preceding month of inactivity. A company sitting on $1.13 billion in unrealized losses that has been dormant for a month and then moves $31.87 million worth of SOL to an institutional execution venue during a market selloff is a company facing questions that the deposit alone cannot answer.

Whether the Prime deposit represents a financing arrangement against the existing position, a partial liquidation to manage balance sheet pressure, or a strategic repositioning decision is the question the market is now pricing into Solana’s current price action — and the answer will determine whether the $31.87 million deposit is the beginning of a larger supply event or an isolated operational movement.

Solana remains under intense selling pressure, with the daily chart showing a decisive breakdown below the multi-month consolidation range that held between roughly $80 and $90 throughout March, April, and most of May. After losing support near the 200-day moving average, sellers quickly regained control and pushed SOL toward the $66 area, its lowest level since the February capitulation event.

The technical structure has deteriorated significantly. SOL now trades below the 50-day, 100-day, and 200-day moving averages, with all three averages sloping downward. This alignment confirms a bearish trend across multiple timeframes and suggests that rallies are likely to face heavy resistance rather than attract sustained buying.

Volume has also expanded during the decline, indicating that the recent move is supported by aggressive participation rather than a lack of liquidity. The large red candles seen during the breakdown reinforce the idea that sellers remain dominant despite oversold conditions.

From a price structure perspective, the February low near $63-$65 has become the most important support zone on the chart. This area previously triggered a strong recovery and now represents the bulls’ final line of defense. A decisive break below it could open the door toward the psychological $60 level and potentially lower.

Featured image from ChatGPT, chart from TradingView.com