Solana’s recent sell-off has put pressure on even major institutional players. Forward Industries, the largest Solana treasury holder, has reportedly sold nearly 456,000 SOL after the token dropped to its lowest level in more than two years. The move comes as SOL trades near $66, down 20% over the past week despite strong network activity.
According to Arkham Intelligence, Forward Industries deposited 455,784 SOL, worth roughly $31.9 million, to Coinbase Prime after a month of inactivity. The company also unstaked 500,000 SOL through Sanctum just 9 hours ago.
The transactions have caught the trader’s attention because Forward has become one of the largest institutional holders of Solana since adopting its treasury strategy in September 2025.
Since then, the company has spent approximately $1.59 billion acquiring 6.83 million SOL at an average cost of $232 per token.
With SOL now trading around $66, those holdings are worth about $459 million, leaving the company with an unrealized loss of more than $1 billion.
While Solana’s price action has turned bearish, Solana’s on-chain metrics tell a different story. The network generated $90.5 million in decentralized application revenue during May, outperforming every major blockchain. Ethereum and Hyperliquid followed with significantly lower revenue figures.
Solana also processed about $1.1 billion in tokenized asset trading volume and continues to attract roughly 8 million weekly users, making it one of the most active blockchain ecosystems.
The latest treasury activity comes during one of Solana’s weakest stretches in recent years. SOL has fallen below key support levels and is now trading at prices last seen in 2023. The overall decline has already wiped out roughly $88 million in long positions as traders rushed to reduce risk.
Meanwhile, crypto analyst Martini Guy warned that Solana could revisit the $40 region if current support fails.
He noted that previous moves between the $40 and $80 range happened quickly, raising concerns that another sharp decline could follow if selling pressure continues.
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