Forward Industries, which manages institutional treasury for Solana, appears poised to reduce its stake on the coin, which could derail SOL’s bullish outlook by creating significant selling pressure in the market.
Over the past day, more than $250 million worth of altcoins were moved from the FORD wallet to the Coinbase platform, a move that traders interpreted as an attempt by the company to liquidate its digital assets in light of the current bearish conditions.
The company is already facing Unrealized losses amounting to $677 million in altcoinsThis led the market to believe that this measure was aimed at reducing losses.
Although its stated strategy is to increase shareholder value through staking, lending, and participation in decentralized finance (DeFi) protocols, the decline in the price of Solana coin has limited its ability to effectively implement these goals.
The situation remains more complex in reality; Hours after the outgoing transfers, the company returned approximately $21 million from the Coinbase hot wallet, raising questions about whether these transfers were intended to be a sale or part of an internal restructuring. Forward Industries has not released any official statement clarifying its intention in this regard.
Solana Coin Price Forecast: What Are the Possible Repercussions of Overselling on the Price of the Currency
Oversold fears may seem overblown so far, as a descending channel trend that has persisted throughout the nearly month-long decline looks more like a potential trigger point.
The Solana currency’s recent rebound confirmed a previous demand zone at $140, indicating the possibility of forming a floor for the recent decline, especially with momentum indicators showing further signs of optimism.
The Relative Strength Index (RSI) recorded the strongest rebound from the oversold level of 30, while the MACD indicator continues to narrow its range towards a bullish crossover above the signal line. This data indicates increasing buying pressure with the possibility of starting a new uptrend. In the event of a breakout, the price may retest Previous resistance level at $210 as support line To form a stronger foundation To aim for new highs at $300, Which represents an increase of 115%.
With continued support from exchange-traded fund (ETF) aggregation, policy easing in the United States, and the growing adoption of Solana on the balance sheets of large companies such as Forward Industries (FORD portfolio), this rally could extend to… $500, an increase of up to 225%. However, the bearish scenario is not out of sight as the loss of the channel’s lower support could push the price towards the next demand zone. At $95, about a 30% decrease.
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Post Solana (Solana-SOL) Price Expectations: The massive company could inject $250 million worth of foreign exchange into the market. Is it preparing for a new decline? appeared first on Cryptonews Arabic.
