Solana is once again approaching an important price level after Forward Industries revealed another major expansion of its SOL treasury.
The company added 948,601 SOL and SOL-equivalent tokens during its fiscal fourth quarter, bringing its total holdings to approximately 8.501 million SOL as of September 30, 2026.
At the same time, SOL was trading near $122 on October 2, up about 4% over the previous 24 hours. With the token moving closer to the $130 level, traders are now watching whether improving momentum and continued institutional accumulation can support another leg higher.
Forward Industries expands its Solana treasury to 8.5 million SOL
Forward Industries reported that its SOL holdings increased by around 13% during fiscal Q4.
The company ended June with approximately 7.553 million SOL and equivalents. By September 30, that figure had climbed to roughly 8.501 million.
Forward said the increase came from a combination of direct SOL purchases and staking activity. The newly added tokens carried an average acquisition cost of approximately $83 per SOL.
According to the company, its total position represented roughly 1.4% of Solana’s circulating supply.
Forward’s definition of its Solana holdings includes native SOL, fwdSOL and pledged SOL, while excluding borrowed tokens.
Its treasury dashboard showed 8,501,298 SOL and equivalents at the end of September.
Forward’s SOL treasury valued above $1 billion
Using a September 30 reference price of $118.06 per SOL, Forward Industries estimated that its Solana treasury had a fair value of approximately $1.004 billion.
The company also reported around $26.9 million in other digital assets and approximately $7.3 million in cash.
After accounting for roughly $167.5 million in institutional debt, Forward calculated its total net asset value at approximately $870.4 million.
One of the company’s closely watched treasury metrics also improved during the quarter.
SOL per fully diluted share increased from 0.0730 at the end of June to 0.0806 at the end of September, representing a quarter-over-quarter increase of about 10.4%.
Compared with September 30, 2025, when the figure stood at 0.0604, the metric increased approximately 33% over the fiscal year.
Forward calculates SOL per fully diluted share by dividing its total SOL and SOL-equivalent holdings by its fully diluted share count.
Fully diluted shares rose from 103.53 million to 105.54 million during the quarter, while common shares outstanding increased from 73.85 million to 76.29 million.
The company acknowledged that some SOL purchases were funded through the sale of FWDI shares. However, management described those issuances as accretive because SOL holdings per fully diluted share still increased.
Chief Investment Officer Ryan Navi described the quarter as a strong period for the company’s Solana strategy and said Forward aims to build what management calls the “Berkshire Hathaway of Solana.”
That statement reflects the company’s own description of its strategy rather than an independent assessment of the business.
$25 million stock offering could support additional SOL purchases
Forward Industries also raised additional capital shortly before the end of its fiscal year.
The company entered into a securities purchase agreement on September 22 covering 3.125 million common shares priced at $8 each.
The transaction closed on September 24 and generated approximately $25 million in gross proceeds.
In its SEC filing, Forward said the proceeds could be used for additional Solana purchases, working capital and general corporate purposes.
A subsequent company announcement said the funding was intended primarily to support further SOL accumulation.
However, Forward did not disclose exactly how much of the new financing had already been used to acquire Solana by September 30.
The company’s institutional debt also increased during the quarter, rising from approximately $105 million to $167.5 million.
Previous disclosures show that Forward has used borrowing arrangements involving Galaxy Digital as part of its wider treasury strategy, which also includes staking, lending, decentralized finance activity and equity financing.
Forward added more SOL in Q4 than in the previous quarter
Forward’s latest accumulation was larger than its fiscal third-quarter increase.
The company added more than 500,000 SOL during Q3, taking its holdings to approximately 7.55 million SOL by June 30.
Its Q4 increase of 948,601 SOL was therefore significantly larger.
Forward originally launched its Solana treasury strategy in September 2025 following a $1.65 billion private placement backed by Galaxy Digital, Jump Crypto and Multicoin Capital.
During the first week of the strategy, Forward reported acquiring approximately 6.822 million SOL at an average purchase price of $232.
Since then, the company has continued expanding its exposure to the Solana ecosystem through treasury purchases and other investments.
Solana price trades near $122
While Forward Industries continues adding SOL, the cryptocurrency itself has been recovering from its September weakness.
CoinGecko data showed Solana trading close to $122 on October 2.
The token had gained roughly 4% over the previous 24 hours and approximately 3% over the previous seven days.
With around 590 million SOL in circulating supply, the cryptocurrency’s market capitalization stood near $72 billion at the time.
SOL had traded below $100 during the middle of September before recovering above the psychological $100 level.
By September 30, Solana was trading around $118.04, almost identical to the $118.06 reference price used by Forward Industries to calculate the value of its treasury.
The recovery has now pushed SOL into the $120-$123 region.
Can Solana price reach $130?
From a technical perspective, $130 has become one of the next important levels for traders to monitor.
SOL has been consolidating around $120-$123 following its recovery from earlier lows.
The daily Relative Strength Index was around 66.40, slightly above its RSI moving average of approximately 65.66.
An RSI reading below 70 suggests that SOL had not yet moved into the traditionally defined overbought zone, although momentum was already relatively strong.
The Moving Average Convergence Divergence indicator presented a more mixed picture.
The MACD line was around 5.50, while the signal line stood near 5.60. This left the histogram slightly negative at approximately -0.10.
Both lines remained above zero, indicating that the broader recovery trend was still present, but the negative histogram suggested that short-term bullish momentum had slowed somewhat.
For SOL to make a convincing move toward or above $130, traders may look for stronger buying pressure and renewed momentum above the current consolidation zone.
A sustained breakout above the $123 area could place greater attention on $130, while failure to maintain the current recovery could lead to another period of consolidation or a pullback.
Forward Industries’ purchases may contribute to the broader narrative surrounding institutional demand for Solana, but there is no verified evidence showing that the company’s latest purchases directly caused SOL’s October 2 price increase.
The company’s accumulation occurred throughout the quarter, while market prices are influenced by many factors, including overall crypto-market conditions, liquidity, investor sentiment and macroeconomic developments.
Forward is also investing across the Solana ecosystem
Forward Industries’ Solana exposure extends beyond its treasury holdings.
During fiscal Q4, the company reported growth in ONyc, a token issued by tokenized reinsurance platform OnRe.
According to figures Forward attributed to RWA.xyz, ONyc’s market capitalization increased from approximately $203.4 million at the end of June to roughly $286.2 million by September 30.
Forward invested in OnRe earlier in 2026 and committed to purchase up to $25 million worth of ONyc, subject to the terms of the investment.
Forward and RockawayX also participated in OnRe’s $5 million funding round.
The company has additionally highlighted the continued expansion of tokenized real-world assets on Solana.
According to Forward’s October 1 announcement, citing RWA.xyz, the value of Solana-based tokenized real-world assets excluding stablecoins increased from more than $3.3 billion at the end of June to approximately $4.3 billion by September 30.
What comes next for SOL?
Solana’s recovery above $120 has brought the $130 level back into focus.
Forward Industries’ expansion to more than 8.5 million SOL provides another example of institutional interest in the cryptocurrency, while the company’s growing exposure to other Solana-based projects shows that its strategy extends beyond simply holding tokens.
However, Forward’s quarter-end treasury figures remain preliminary and unaudited.
The company said its reported net asset value, cryptocurrency holdings, debt and capitalization figures are still subject to completion of its annual audit for the fiscal year ended September 30, 2026.
For SOL, a move toward $130 remains possible if buying pressure strengthens and the token maintains its recent recovery.
However, technical indicators show that momentum has cooled slightly, meaning traders may continue watching the $120-$123 region before determining whether Solana is ready for another breakout.
Disclosure: This article is for informational and educational purposes only and should not be considered investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before making financial decisions.
