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yesterday

Forward Executes $1.58B Solana Treasury as Galaxy Amasses 6.5M SOL

Institutional demand is draining exchange supply to set up a potential $245–$250 breakout.

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Solana's breakout odds - Here's what SOL's price needs to do to hit $300
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Dan Morehead, founder and CEO of Pantera Capital, on stage at a finance conference in 2023.

Overview

  • Forward Industries purchased 6,822,000 SOL for about $1.58 billion at an average price of $232 from its $1.65 billion PIPE and immediately staked the tokens.
  • On-chain data attributes roughly 6.5 million SOL of recent accumulation to Galaxy Digital, with large transfers moving from major exchanges into Fireblocks custody.
  • Galaxy has not said whether the buys are for its balance sheet, client accounts, or any mandate connected to Forward’s new treasury.
  • Pantera Capital disclosed about $1.1 billion in SOL holdings, while other treasuries like DeFi Development Corp report roughly 2 million SOL, signaling concentrated institutional demand.
  • Technical analysts point to an ascending-triangle setup with SOL testing the $245–$250 zone after double-digit weekly gains, though questions about the sustainability and purpose of recent flows persist.