Key takeaways
Why did Solana drop out after Forward transferred?
Forward moved 1.727 million SOL while maintaining losses on a 6.83 million SOL position.
What is supporting a rebound in SOL now?
Whale buying, increasing active addresses, and demand near $130 strengthen the chances of a near-term recovery.
Forward Industries transferred 1.727 million SOL worth $219.32 million to the 552ptg wallet, according to Lookonchain. The move ranked among the most significant Solana transfers this quarter.
Arkham data showed that the company accumulated 6.834 million Solana (SOL) worth $868 million, for an average inflow of $232.08. The position had an unrealized loss of 45%, leaving approximately $718 million underwater at the time of the transfer.
Despite this, Forward Industries still held nearly 5 million SOL. This remaining size suggests long-term positioning, even if sentiment around Solana has become very reactive to institutional flows.
Source: Arkham
Institutions withdrew as whales increased in size
Solana whales moved aggressively during the same window. On the other hand, large Spot buyers continued to accumulate, even if institutional flows weakened.
CryptoQuant’s average spot order size showed an acceleration of large purchases near current prices. This alignment revealed continued interest in whales despite Solana’s broader withdrawal.
Source: CryptoQuant
On top of that, Solana’s monthly active addresses jumped to 45.8 million, up 21% over the past month. The rebound reinforced persistent network usage, giving traders a counterweight to institutional selling.
Source: Token Terminal
Key level holds as traders watch for rebound
Solana has rebounded from a key daily demand area near $130, creating near-term stability. This area eased the recent sell-off and contained downward pressure.
That said, Solana still faced aerial pressure. The next target was near $170, the immediate resistance shown on the chart.
Source: TradingView
This level marked the previous distribution structure and aligned with failed retests in early November. A break above $170 could shift momentum towards the $190-$210 band, where supply remains greater.
