- Solana holds above $200 as institutional transfers spark market focus.
- Forward Industries deposits $192 million in SOL to Coinbase Prime.
- Analyst says Solana retested breakout range and remains technically strong.
- DeFi metrics show Solana’s ecosystem thriving despite minor daily losses.
Forward Industries transferred $192.08 million worth of Solana (SOL) to Coinbase Prime, according to on-chain data highlighted by analyst TedPillows. The transaction involved 993,058 SOL, one of the largest this month.
This follows the firm’s $1.38 billion Solana purchase last month at an average entry of $232 per token. With the Solana price near $204, the transaction has drawn attention to whether the company is rotating its holdings or managing exposure amid near-term resistance levels.
On-chain records show that Forward Industries has maintained consistent wallet activity. Prior to the recent transfer, several smaller staking transactions occurred over the past two weeks, with token amounts under one SOL each.
While such micro-transfers likely relate to staking maintenance, the $192 million move represents a structural capital shift. Large deposits to centralized exchanges such as Coinbase are often interpreted as strategic repositioning actions rather than directional selling alone.
Solana Price in a Reaccumulation Phase
Solana’s multi-year structure continues to reflect strength following its 18-month reaccumulation breakout. The higher timeframe chart indicates that the asset successfully retested its breakout zone between $180 and $200 before resuming its upward bias.
The rounded accumulation base visible on the chart represents a classical technical formation often preceding mid-cycle expansions. Since its June 2024 pivot, Solana has consistently formed higher swing lows, reinforcing a durable ascending base.
Analyst data shows that the breakout above the long-term resistance band aligns with a cup-and-handle continuation pattern, suggesting that the network’s market structure remains in recovery mode after the 2022-2023 correction.
Clearing $250 would confirm structural continuation and mark the re-entry into historical price discovery territory last tested in late 2021. As of mid-October 2025, price remains confined to a high-volatility equilibrium zone around $200, acting as both technical and psychological support.
On-Chain Metrics Reflect Ecosystem Strength
Solana’s on-chain activity continues to underpin its market resilience. Data from DeFiLlama places its total value locked at $11.65 billion as of press time, representing a slight 1.45% decline over the past 24 hours. Despite the dip, TVL remains at its strongest level in nearly three years. Stablecoin capitalization on Solana stands at $15.56 billion, underscoring deep liquidity and steady capital inflows across DeFi protocols.
Solana TVL Data | Source: DefiLlama
Solana’s technical setup remains neutral to bullish as the price consolidates around $204, within a tightly defined short-term range. A decisive break above $206 to $211 could validate momentum continuation toward $224, while defending $195 and $191 would preserve structural integrity during volatility.
The combination of sustained on-chain strength, high total value locked, and visible institutional engagement places Solana among the most closely watched assets entering the final quarter of 2025.
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