Bearish pressure across the crypto market continues to intensify, and digital asset treasury companies are increasingly feeling the impact. Forward Industries (NASDAQ: FORD), a product design company with a sizable Solana treasury, has now moved a significant portion of its holdings to an exchange, raising questions about potential selling activity.
The company recently transferred approximately 455,784 Solana (SOL), worth around $32 million at the time of writing, to Coinbase Prime. The transaction marked its first major wallet activity in over a month and comes as Solana remains under sustained market pressure. While Forward Industries has not publicly disclosed any plans to liquidate its holdings, transfers from private wallets to exchange-linked accounts are often viewed as a precursor to selling activity.
The move coincides with rising sell-side pressure across the Solana market. According to CoinGlass data, Solana’s exchange netflow has climbed to roughly $16.10 million, while total SOL sold across centralized exchanges has reached $536.34 million. At press time, SOL was down 8.31%, extending its year-to-date losses to 48.78%. The decline highlights the broader weakness that continues to weigh on the asset and the wider crypto market.
Treasury Holdings Sink Deeper Into Losses
The transfer comes at a particularly difficult time for Forward Industries, whose Solana treasury remains deeply underwater. According to Lookonchain, the company’s SOL position is currently sitting on an unrealized loss of approximately $1.13 billion. Forward Industries began accumulating Solana around September 2025, spending roughly $1.59 billion to acquire 6.3 million SOL. At current prices, those holdings are worth only about $451 million, leaving a substantial portion of the initial investment erased by the market downturn.
The pressure is not limited to Forward Industries alone. Several major digital asset treasury firms are also facing significant unrealized losses. Strategy is reportedly down around $11.07 billion on its Bitcoin holdings, while BitMine has accumulated approximately $9.58 billion in unrealized Ethereum losses. SharpLink is sitting on roughly $1.59 billion in Ethereum losses, while MetaPlanet’s Bitcoin position is down by about $1.38 billion.
The broader weakness reflects a shift in investor sentiment as capital continues to rotate away from risk assets. Market participants are increasingly positioning for opportunities in traditional financial markets, including upcoming public offerings and other equity-related investments.
Solana’s Technical Structure Shows Growing Weakness
From a technical perspective, Solana’s outlook remains increasingly fragile. The asset has now broken below a key support zone that had held firm since March and formed part of a broader market structure that has been developing since 2024. The breakdown suggests that sellers are beginning to gain control after months of consolidation.
A decisive daily or weekly close below this level would strengthen the bearish case and increase the likelihood of a deeper correction in the weeks ahead. The risk is amplified by Solana’s strong correlation with Bitcoin. Should Bitcoin extend its current decline, SOL could face additional downside pressure as market-wide selling intensifies.
Source: TradingViewThe Accumulation/Distribution indicator has continued to trend lower, suggesting that distribution remains dominant across the market. Meanwhile, total distribution volume has fallen to approximately 668 million SOL, indicating that buyers have yet to absorb the ongoing selling pressure. If distribution continues at its current pace, Solana’s downside risks could increase further. In that scenario, significantly lower price levels may come into focus, with the $50 region emerging as a potential target should broader market weakness persist.
