Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL

Forward Industries has unveiled a $4 billion capital program aimed at scaling its Solana treasury. The announcement comes as analysts flag bullish technical setups that may push SOL toward the $500 mark.

Forward Industries Reveals Program To Boost SOL Holdings

In a recent press release, Forward Industries, Inc. disclosed it has filed a $4 billion at-the-market (ATM) equity offering program with the U.S. Securities and Exchange Commission. The initiative provides the company with the flexibility to issue and sell shares. 

The company will deploy proceeds into working capital, income-generating assets, and, most notably, additional SOL purchases.

Chairman Kyle Samani described the program as “a flexible and efficient mechanism” to expand the company’s long-term strategy. 

“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy,” he said. “…the ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision.”

He highlighted Forward Industries’ recent purchase of 6.82 million SOL, worth nearly $1.6 billion at an average price of $232. He stated this is evidence of its aggressive commitment to positioning itself as the central Solana treasury.

Through this ATM initiative, executed with Cantor Fitzgerald & Co. as sales agent, Forward Industries gains a direct pipeline to scale holdings while reinforcing its balance sheet.

Analyst Sees $500 Target for SOL

The timing of the announcement coincides with growing optimism in the token’s community. Crypto analyst Kamran Asghar recently pointed to a massive “cup and handle” formation on the SOL chart. This pattern is often linked to parabolic rallies. 

According to him, the volume profile supports accumulation, and a breakout above $300 could quickly set the stage for a surge toward $500.

The SOL price is currently trading around $235, after reaching a high of around $250. It has shown strength even with short-term ups and downs. Analysts have also pinpointed resistance between the $270 and $300 mark. If the price breaks above this range, it would signal a strong bullish trend.

Should Solana pierce the $300 resistance level, traders expect upside targets in the $500–$600 zone. This reinforces the analyst’s case for a strong continuation rally.

Despite periodic selling from the FTX Estate, the token’s sentiment is still bullish. Since November 2023, the estate has sold nearly nine million tokens. However, institutional buyers have absorbed the supply without derailing the token’s upward trajectory.

It is also worth mentioning that Solanas TVL has climbed to an all-time high of $13 billion. This is particularly fueled by rising adoption in DeFi and NFT markets. The network now processes more than six billion transactions annually.