The Solana (SOL) price is experiencing a recovery surge, surpassing the $130 mark after consolidating around $125. The price now faces resistance levels near $135 and $140, hinting at further potential gains. On the hourly chart from Kraken, SOL is trading above its 100-hour simple moving average with a bullish trend line supporting the $130 zone. Despite this positive momentum, institutional investors have suffered significant losses as nearly 79.6% of Solana’s circulating supply currently holds unrealized losses at a price near $126.9, according to on-chain analytics from Glassnode (@glassnode). These high concentration levels in top-heavy market dynamics before the recent downturn are highlighted. Further reading: Crypto Funds Flood $4.4B as Ether ETPs Smash Records
Forward Industries Faces $668M Loss Amid SOL Price Dip
Forward Industries, holding over 6.9 million SOL tokens (about 1.1% of supply), faces an unrealized loss of approximately $668 million due to the price decline in SOL. Their investment was made at an average price of $230 while current token valuations have plummeted below $130, resulting in a 44.2% loss on their investment. Despite this drop, Forward Industries continues to stake its tokens, maintaining yield and portfolio position according to @TassoLago.
This substantial loss underscores the growing pressure faced by Digital Asset Treasury companies as volatile crypto markets continue. While other major holders like Strategy have unrealized profits in Bitcoin holdings and Bitmine’s Ethereum holdings face losses, Forward’s Solana treasury highlights amplified risks related to large, leveraged crypto asset positions. Forward Industries’ stock has also fallen sharply, with market cap now under the value of its SOL holdings. Market outlook and resistance levels: Solana’s immediate resistance zones are at $135 and $140, with further hurdles at $145 and $155. Should the price fail to surpass $135, support levels at $130 and $127 might come into play.
Broader market dynamics show that open interest in Solana futures has stabilized around 8 million contracts, indicating cautious positioning among traders awaiting new catalysts for recovery. This ongoing recovery and institutional stance position SOL on a crucial turning point.