- SOL’s bullish breakout from a rising channel pattern indicates that buyers are aggressive in nature and willing to enter at a higher value.
- Early today, Forward Industries disclosed that it has finalized a PIPE round, securing $1.65 million in gross proceeds for purchasing SOL tokens.
- The Solana price managed to reclaim key daily EMAs (20, 50, 100, and 200), indicating a strong bullish sentiment in the market.
SOL, the native cryptocurrency of layer-1 blockchain Solana, jumps over 1.17% during Thursday’s U.S. market hours. The coin is gradually shortening its distance from the all-time high amid the broader market recovery. The Solana price gains additional momentum as institutional involvement continues to grow, making direct token purchases and treasury operations.
Forward Industries to Expand SOL Balance Sheet via $1.65B PIPE
Forward Industries, Inc. announced that it has closed its previously revealed private investment in public equity (PIPE) round and received about $1.65 billion in gross proceeds. The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with participation from an array of institutional firms and individual investors.
According to the company, the capital will be directed mostly into acquiring Solana’s native token, SOL. Funds will also be directed towards establishing cryptocurrency treasury operations dedicated exclusively to dealing with cryptocurrencies, transaction cost issues, and working capital requirements.
More than $300 million of the investment came from the lead backers—Galaxy, Jump Crypto, and Multicoin. Other participants included Bitwise Asset Management, Borderless Capital, Coinlist Alpha, etc. Angel investors such as Cindy Leow of Drift, Guy Young of Ethena, Robert Leshner of Superstate, and others also joined the round.
Along with the financing, Forward Industries transformed its boardroom. Kyle Samani, co-founder and managing partner at Multicoin, has been appointed chairman of the board. Interim chief executive officer Michael Pruitt has joined as director, and Chris Ferraro of Galaxy and Saurabh Sharma of Jump Crypto have joined as board observers.
Commenting on the development, Samani stated, “Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future,” said Mr. Samani. “Leveraging our combined team’s experience investing and innovating across the Solana ecosystem, our goal is to deliver strong value for our shareholders.”
“Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” said Mr. Pruitt, Interim Chief Executive Officer of Forward Industries. “We are grateful for the tremendous support of our PIPE financing investors and the collaboration of our partners. Together, we aim to unlock Solana’s potential in the capital markets through diversified and innovative return generation strategies.”
Beyond the financial commitments, Galaxy, Jump Crypto, and Multicoin will also help the company with strategy and execution for Solana-based treasury management, with the stated goal of enhancing Forward Industries’ standing as an institutional participant in the Solana ecosystem.
Solana Price Eyes $250 Rally With Channel Pattern Breakout
In a five-day rally, the Solana price bounded from $200 to the current trading value of $227.6, registering a 13.73% gain. This upswing, backed by increasing trading volume, indicates high conviction from buyers to drive a prolonged recovery trend.
Yesterday, the rising SOL price gave a bullish breakout from the resistance trendline of the rising channel pattern. Over the past five months, the chart pattern has carried a steady uptrend, resonating within two parallel trendlines that act as dynamic resistance and support.
A 1.5% price surge today offers a suitable follow-up to the recent breakout. The momentum indicators, RSI (Relative Strength Index) above 65%, accentuate the bullish market sentiment to drive a higher rally.
With sustained buying, the altcoin could jump 7.5% to challenge $244 resistance, followed by a leap towards $267 and $295.
However, the anticipated rally could show occasional pullback. If so, the coin buyers can hold 20-day exponential moving averages for a trailing stop loss.
On the contrary, if the buyers failed to hold the channel breakout, the sellers could re-enter that market and force a fresh correction.
Also Read: XRP Exchange Reserve Soars By 1.2B Tokens Amid ETF Delay, Nosedive Ahead?
