Forward Industries has transferred a substantial 1 million SOL to Coinbase, sparking concerns about potential market sell-offs among Solana investors. Lookonchain’s analysis reveals this transfer is part of a larger movement from the firm, also involving a separate $50 million transfer to Galaxy Digital. These actions raise questions about Forward Industries’ strategy and whether they are selling at a loss or making other portfolio adjustments. 15 hours after the Coinbase Prime deposit, Solana prices surged following initial declines. The market remains cautious as the SEC nears decisions on pending ETF applications that could significantly influence Solana’s trajectory.