Forward Industries Dives into Solana, Seeks $150 Price Target
Forward Industries, a digital asset-treasury company based in Austin, Texas, has significantly increased its Solana (SOL) holdings, surpassing $1 billion. The company added nearly 13% of its quarterly income increase to its Solana stash, acquiring 949,000 SOL tokens. This brings their total Solana holdings to 8.5 million SOL, approximately 1.4% of the circulating supply.
The company expressed confidence in Solana as a long-term investment vehicle. In contrast, other digital assets in their portfolio did not exceed $26 million, while cash-equivalents stood at $7 million. Solana's price has climbed 25% over the past month, reaching $121, and some traders are now targeting the $130 and $150 levels.
The increased Solana holdings have pushed the speculative interest in the altcoin to fresh heights, with a 23% jump in trading volume to surpass $9 billion. The long versus short ratio is slightly above 1, and the open interest is gradually growing, indicating that leverage utilizing crypto traders are actively placing bets on Solana's price increase.