- Forward Industries transfers $192 million worth of SOL as its price remains above $200.
- Analyst sees the $210 price zone as the next key resistance level.
- Momentum indicators and quiet accumulation support the analysis of a further increase in price.
Forward Industries, a Solana (SOL) treasury firm, made a major on-chain transfer of SOL to the tune of almost $192 million to Coinbase Prime. The significant transfer coincides with Solana price stabilizing above the $200 mark.
This follows a volatile week where its price recovered after dropping to the $170 level. Analysis shows that the $210 level is the next crucial resistance for the token.
Forward Industries Transfers $192 Million in Solana
As reported by Lookonchain, Forward Industries later transferred $50 million out of the $192 million SOL to Galaxy Digital. This has created doubt about the intentions behind such transactions. Last month, this institutional investor bought 6.82 million SOL valued at an average of $232 for a total cost of $1.38 billion.
On-chain observers observe that the Galaxy move may be associated with either a change of custody. It may also include the rollout of assets into decentralized finance (DeFi) that are operated through the infrastructure of Galaxy.
But the timing has been a source of speculation on the profit-taking or profit-cutting measures. Even at Coinbase Prime, Forward currently retains approximately 750,000 SOL in the hot wallet, implying that the company has not completely gotten out of the picture.
Analyst Notes Cautious Optimism
The Solana market bias has become slightly positive. Analyst BitGuru sees Solana being in the pullback phase following a sharp decline beyond the resistance price of $253.
The asset is currently trading between $198 and $207, with strong resistance at $210 and short-term support at $190. BitGuru pointed out that breaking out of more than $210 will support the resumption of the token’s bullish action. This may give a short-run boost to the asset towards the $230 region.
A consolidation structure is mentioned in the chart drawn by the analyst. According to him, it indicates technical cooling-off, which follows excessive bullishness.
Source: X
Also Read | Solana Price Surge: Can It Hold $190 Support and Rise Further?
A Fibonacci-Driven Recovery
The current Solana price movement is also close to the important Fibonacci retracement points. The 0.382 level at $196 serves to provide a strong support level.
The 0.5 mark is at the $192 level, whereas the 0.618 is at the $187 level. It is a point where further price drops are less likely to happen unless there’s massive selling pressure.
On the upper end, the near-term resistance zone to break still stands at $210. Provided bulls can sustain the momentum above this level, Solana might be also reach the next Fib extension at around $230.
The VWAP of the current session is approximately $203 and has been a point of intraday recovery. Since SOL is currently trading around this VWAP, it means that sentiment is returning to accumulation.
Source: TradingView
Bullish Momentum is Building for Solana
Momentum indicators indicate that Solana could make another upward movement. RSI is in a neutral position (around 50 in value) and this shows that SOL is neither oversold nor overbought. This offers a likelihood of a push up in case the purchasing volume goes up.
Meanwhile, a bullish crossover of the MACD has been observed as well. This indicates the start point of a potential trend reversal. The synchronization of short-term moving averages (the 5-day crossing above the 10-day and 20-day averages) is a confirmation of the positive momentum.
Source: X
A Quiet Accumulation Phase
Coinglass data support this slightly optimistic perspective. The trading volume declined by 13.62% to reach $33.32 billion, which is a sign that speculative activity has cooled down temporarily. Nevertheless, the open interest increased by 4.32% to $10.53 billion, indicating that the traders are accumulating long-term positions.
This fall in volume and increase in open interest often indicate silent accumulation. It indicates that market players are planning to make the next big move. They are awaiting a decisive break beyond resistance before they take more positions.
Source: Coinglass
Also Read | Solana Price Forecast October 2025: Can It Reach $1300?
