Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Forward Industries has filed a $4 billion at-the-market equity offering program with the U.S. Securities and Exchange Commission.
- The company recently purchased approximately 6.82 million SOL for nearly $1.6 billion at an average price of $232.
- SOL is currently trading around $235, with resistance identified between the $270 and $300 marks.
- Analyst Kamran Asghar suggests that a breakout above $300 could lead to a price surge toward the $500 mark.
- Solana’s total value locked (TVL) has reached an all-time high of $13 billion, driven by growth in DeFi and NFT markets.
The new capital program aims to enhance Forward Industries’ Solana treasury strategy while providing flexibility for future investments. This comes amid bullish sentiment in the SOL community, with institutional buyers absorbing recent sales from the FTX estate without impacting market momentum.
With SOL’s price showing resilience around $235 and significant support from institutional purchases, the potential for a rally towards the analyst’s target of $500 remains strong.(Source)
