Bearish pressure continues across the crypto market, hitting digital asset treasury companies hard. Forward Industries (NASDAQ: FORD), a product design firm with a substantial Solana treasury, transferred approximately 455,784 SOL (worth around $32 million at the time) to Coinbase Prime on July 23. The move marked its first major wallet activity in over a month, raising speculation about a potential sale. The company has not publicly disclosed any liquidation plans, but transfers from private wallets to exchange addresses are often seen as a precursor to selling.
Exchange Netflow Rises as SOL Price Drops 8%
According to CoinGlass, Solana's exchange netflow climbed to roughly $16.10 million, while total SOL sold on centralized exchanges reached $536.34 million. SOL traded down 8.31% on the day, pushing its year-to-date losses to 48.78%. The transfer came at a time when Solana was already under sustained market pressure.
$1.13B Unrealized Loss on 6.3M SOL Holdings
Lookonchain data shows that Forward Industries began accumulating Solana around September 2025, spending about $1.59 billion to acquire 6.3 million SOL. At current prices, those holdings are worth only about $451 million, leaving an unrealized loss of approximately $1.13 billion. The position is deeply underwater, as the purchase price far exceeds the current market value.
Other major digital asset treasury firms are also facing significant losses. Strategy's Bitcoin position is reportedly down around $11.07 billion, BitMine's Ethereum holdings have $9.58 billion in unrealized losses, SharpLink's Ethereum position is down about $1.59 billion, and MetaPlanet's Bitcoin position has lost roughly $1.38 billion. Investor sentiment has shifted as capital rotates from risk assets toward traditional financial markets.
Technical Breakdown Below Key Support
From a technical perspective, Solana has broken below a key support zone that had held since March and was part of a larger structure dating back to 2024. The breakdown suggests sellers are gaining control. A decisive daily or weekly close below this level would strengthen the bearish case and increase the risk of a deeper correction. Given Solana's strong correlation with Bitcoin, any further decline in BTC could amplify downside pressure on SOL.
The Accumulation/Distribution indicator continues to trend lower, with distribution volume falling to approximately 668 million SOL, indicating that buyers have yet to absorb the selling pressure. If distribution continues at the current pace, SOL could target the $50 region. The broader market environment remains fragile, and Solana's near-term outlook is clouded.