Biggest Solana Holder Moves 1.8 Million SOL to Coinbase – Will It Be a Big Sale?

Forward Industries, the largest holder of Solana (SOL), has sent more than $200 million worth of SOL to Coinbase Prime, raising concerns about a potential sale.

This action comes at a time when the price of the altcoin has decreased by about 29% in the past month, becoming less than the average purchase price of the company.

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Has the treasury strategy for digital assets failed?

Forward Industries began buying SOL in September 2025, executing a transaction Private investment in public equity worth $1.65 billion To build their holdings. As of last update, the company holds about 6.9 million SOL. This represents about 1.119% of the total supply of SOL.

work team to publish: “Total shares of Forward Industries increased to 6.9 million SOL as of November 15, 2025. We are focused on our goal of increasing the SOL per share.”

The company’s strategy seeks to enhance shareholder value through on-chain activities such as staking, lending and participation in DeFi. However, this approach faces challenges as the price of SOL continues to drop.

According to CoinGeckoThe reported value of the treasury fell from $1.59 billion to $908 million. Now, the Nasdaq-listed company is sitting on $677 million in unrealized losses after raising SOL to an average price of $232 just two months ago.

At the same time, analysts have noted significant movements from the portfolios of Forward Industries. According to data from Arkham Intelligence, the company transferred 1.8 million SOL worth about $237.6 million at current market prices to Coinbase Prime. The conversion was accomplished through three separate transfers.

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Analyst explain: “Forward Industries bought Solana just two months ago, but is now selling at a huge loss. Why all the crypto fund sales? Is it really over?”

However, the situation seems more complex. Shortly after the external transfers, on-chain data revealed that approximately 160,900 SOL were sent from the Coinbase Prime wallet. Hot to Forward Company Address. After these moves, the company’s portfolio now includes 4.129 million SOL worth approximately $552.21 million.

It is not clear whether these transfers indicate planned sales or are part of a routine internal restructuring. Forward Industries has not released any statement suggesting an intention to liquidate its position.

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However, concerns about The potential settlement is not unfounded. The cryptocurrency market is under significant pressure during the fourth quarter.

In addition, BeInCrypto said that A digital asset treasury company dedicated to Bitcoin has liquidated nearly 30% of its BTC holdings in an attempt to reduce its convertible debt.

A bearish pattern appears as the price of Solana decreases by about 29%

At the same time, She confronts Solana Increase own sales pressure. Data from BeInCrypto Markets showed that SOL has fallen by about 29% over the last month, breaking its downward trend.

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The altcoin fell to levels not seen since late June. At press time, SOL was trading at $132.47, down 5.4% in the last 24 hours.

Adding to the negative sentiment, one analyst pointed to a head and shoulders pattern developing on the SOL chart. this A bearish pattern usually indicates… Weak purchasing power and risk Deeper correction once that Break the ceiling.

“We tested the neckline in a large head and shoulders pattern. People get angry with me when I publish charts like this when they should be happy that I provided an early warning to exit when the price was still high,” he said.books.

With Solana under significant market pressure and technical indicators trending lower, investors will be keen to see what comes next for this coin.