Solana Gains as Forward Industries Launches $1.65B Treasury With Galaxy and Jump

Solana (SOL) gained nearly 16% in the past week after Nasdaq-listed Forward Industries announced a $1.65 billion financing round to build a dedicated Solana treasury. SOL traded above $238, according to , while trading volume climbed 53.49% to $12.89 billion.

the financing will support direct SOL purchases, working capital, and other digital asset-related expenses. The announcement marked one of the largest single treasury commitments in the Solana ecosystem to date.

The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which contributed more than $300 million combined. Other participants included Bitwise Asset Management, Borderless Capital, FalconX, ParaFi, Ribbit Capital, RockawayX, SkyBridge Capital, and Coinlist Alpha.

Governance changes followed the round: Kyle Samani, co-founder of Multicoin, was appointed Chairman of the Board, while Chris Ferraro of Galaxy and Saurabh Sharma of Jump Crypto joined as directors. Interim CEO Michael Prutti will continue in his role.

Forward’s treasury announcement follows approval earlier this year for SOL Strategies, another Solana-focused treasury firm, to list on Nasdaq. The trend underscores how traditional markets are building structures tied directly to Solana exposure.

In Asia, Mogu, a Chinese e-commerce platform, disclosed plans to allocate $20 million into cryptocurrencies and related securities, part of its diversification and AI-integration strategy

SOL’s price action broke above the upper band of a rising channel, with support from expanding Bollinger Bands and a bullish MACD crossover.

The Relative Strength Index (RSI) is hovering near 79, indicating overbought conditions, but also reflecting strong buying pressure.

In a bullish scenario, sustained momentum could drive SOL toward immediate resistance at $250, with a potential extension to $270 if institutional inflows continue.

On the other hand, a retracement could find support near $226, the mid-Bollinger level, with stronger structural support around $214.