Forward’s Solana Bet in Red as SOL Risks Drop
Key Notes: Forward Industries is facing a $245 million loss after significant Solana purchases. Solana’s price dropped 18% in a week, hitting record open interest of $14.5 billion. Funding rates show leveraged longs dominating, risking further consolidation.
According to Lookonchain, Forward’s $193.0 volatility (4.1% market cap) has sparked controversy as holdings exceed $245 million. This strategic move was aimed at advancing the Solana ecosystem, but its success remains uncertain. Meanwhile, Galaxy Digital’s massive purchase of 6.8 million SOL at $232 avg ($1.58B) highlights the firm’s investment in a treasury-focused operation.
There is still $67M left to acquire SOL, as reported by CoinGecko. Today’s SOL trades around $194, reflecting a sharp decline in portfolio values. Solana’s performance has been on a steep correction, falling over 18% in a single week, one of the worst performances among top-20 cryptocurrencies this year.
Solana OI at ATH: The price drop was bolstered by record futures activity, with open interest surging to 71.8 million SOL, equivalent to nearly $14.5B. Funding rates flipped back into positive after dipping below zero, indicating leverage dominance when spot markets remain under pressure.
This imbalance may lead to a long squeeze, causing rapid downside momentum. Meanwhile, reclaiming the $200-$210 range could signal stabilization, with bulls aiming to push above $226 to regain confidence. The upper wedge resistance near $259 serves as a long-term target.
Snorter Bot Presale Hits $4.1M: While Solana aims for recovery, Snorter Bot (SNORT) is gaining traction as a Telegram-based trading assistant. Its first release simplifies token discovery, sniping, and management, offering 115% staking APY and raising $4.1M in a crypto presale for 2025. Early investors can access premium features while enjoying fast, secure swaps.
- Token Price: $0.1055
- Funds Raised: $4.1M
- Token Symbol: $SNORT
- Network: Solana
Discovery: Visit Snorter Bot Official Site for updates.
