- Forward Industries filed a $4 billion equity program to buy more Solana tokens, and the company already owns 6.82 million SOL worth $1.6 billion.
- Analysts predict SOL could reach $500 based on technical pattern,s and the token currently trades around $235 near key resistance levels.
- Solana’s network fundamentals remain strong with $13 billion in total value locked and over six billion annual transactions processed.
Forward Industries has announced a substantial $4 billion capital raising program designed to strengthen its Solana treasury position. The company filed an at-the-market equity offering with the Securities and Exchange Commission, providing significant flexibility for future SOL acquisitions.
The announcement arrives amid technical analysis suggesting Solana could reach $500 per token. Traders note the timing coincides with increased institutional interest in the blockchain network.
Company Expands SOL Treasury Strategy
Forward Industries plans to use proceeds from the offering for working capital, income-generating assets, and additional Solana purchases. The program operates through Cantor Fitzgerald & Co. as the sales agent, enabling systematic capital deployment.
Chairman Kyle Samani emphasized the strategic nature of the initiative. He described the program as providing a methodical approach to capital raising while supporting the company’s Solana-focused treasury strategy. The mechanism allows Forward Industries to strengthen its balance sheet and pursue growth opportunities aligned with long-term objectives.
The company recently acquired 6.82 million SOL tokens valued at approximately $1.6 billion. The purchase occurred at an average price of $232 per token. This acquisition demonstrates Forward Industries’ commitment to establishing itself as a leading corporate holder of Solana.
The ATM program creates a direct pathway for scaling holdings without requiring large one-time transactions. This approach provides operational flexibility while minimizing market impact during accumulation phases.
Technical Analysis Points to Bullish Momentum
Crypto analyst Kamran Asghar identified a significant cup and handle formation on Solana’s price chart. This technical pattern frequently precedes major upward price movements. The formation suggests accumulated buying pressure could drive substantial gains.
Volume analysis supports the bullish thesis. Trading patterns indicate sustained accumulation despite periodic selling pressure. The token trades around $235 after reaching recent highs near $250.
Market observers identify key resistance levels between $270 and $300. A breakout above this range would signal strong bullish momentum and potentially trigger rapid price advancement toward $500-$600 targets.
Source: X
Solana maintains positive sentiment despite ongoing token sales from the FTX Estate. The estate has sold nearly nine million tokens since November 2023. However, institutional buyers have absorbed this supply without disrupting the upward trend.
The network’s fundamentals support optimistic price projections. Total Value Locked reached an all-time high of $13 billion, driven by expanding DeFi and NFT adoption. Solana processes over six billion transactions annually, demonstrating robust network utilization.
Forward Industries’ timing aligns with these positive developments. The company positions itself to benefit from potential price appreciation while contributing to institutional adoption of Solana as a treasury asset.
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