Bit360

10/21 10:18

Solana Targets $210 — Forward Industries Transfers

Solana Targets $210 — Forward Industries Transfers $192 Million in SOL

Forward Industries, the asset manager for Solana (SOL), made a large transfer of nearly $192 million in SOL to the Coinbase Prime platform. This event coincided with Solana's price holding above $200.

After a recent volatile week, when the token's price fell to $170, the market has gradually stabilized. Analysts believe the $210 zone will be the next major resistance point for Solana.

Forward Industries Transferred $192 Million in SOL

According to Lookonchain, part of these funds—approximately $50 million—was later transferred to Galaxy Digital. This has raised questions about the purpose of such transactions.  As a reminder, last month, the same company acquired 6.82 million SOL at an average price of $232, spending approximately $1.38 billion.

Experts speculate that the transfer to Galaxy Digital may be related to a change in asset custodianship or the launch of DeFi products powered by Galaxy's infrastructure.

However, some observers believe Forward Industries' actions may reflect partial profit-taking.

However, the company has not completely exited its positions—approximately 750,000 SOL are still held on Coinbase Prime, confirming Forward's continued participation in the market.

Analysts are cautiously optimistic.

A BitGuru analyst notes that Solana is currently undergoing a correction after rising to $253. The token is trading in a range of $198–$207, with immediate resistance at $210 and support at $190.

 If the price can firmly consolidate above $210, this will pave the way for a short-term rally to $230.

BitGuru also noted that the Solana chart is showing signs of consolidation, suggesting a technical respite after a strong bullish momentum.

Fibonacci Support

SOL's price action is currently close to important Fibonacci retracement levels:

The 0.382 level ($196) serves as strong support;

The 0.5 level ($192);

The 0.618 level ($187), below which a drop is unlikely without significant selling pressure.

Above, $210 remains a key hurdle, and a break of this level could send the price toward the Fibonacci extension at $230.

The volume-weighted average price (VWAP) is currently around $203, confirming a return of investor interest in accumulating positions.

 Bullish momentum is gaining strength.

Technical indicators also confirm the upward trend:

The RSI is near 50, indicating a neutral market condition and creating room for growth.

A bullish MACD crossover is observed, indicating the beginning of a new uptrend.

Short-term moving averages (the 5-day average has crossed the 10- and 20-day averages) are showing strengthening positive momentum.

A Phase of Silent Accumulation

According to Coinglass, Solana's daily trading volume fell by 13.6% to $33.3 billion, while open interest increased by 4.3% to $10.5 billion.

This combination—decreasing volume and increasing open interest—usually signals a silent accumulation of assets.  This means that major market participants are preparing for the next strong move and are waiting for a confident breakout of resistance before adding to their positions.

Bottom Line:

Solana is holding important support above $200 and is showing signs of forming a new bullish momentum. If the token can break $210, it has the potential to rise to $230 and beyond.

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