Recently, Forward Industries announced plans to raise $1.65 billion to establish a funding reserve for Solana, a news that caused the SOL price to rise 5% in the past 24 hours. This action is supported by Galaxy Digital, Jump Crypto, and Multicoin Capital.



The strategic highlight of FORWARD INDUSTRIES is its collaboration with multiple well-known companies—Galaxy Digital and Jump Crypto will provide infrastructure and consulting support, while Multicoin Capital brings investment expertise. CEO Michael Pruitt stated that partnering with these companies, which have extensive experience and a reliable track record in the Solana ecosystem, lays a solid foundation for them to ensure a significant position in the digital assets space.

It is worth noting that Forward Industries plans to enhance on-chain yields and strengthen long-term shareholder value by actively participating in the Solana ecosystem. After the completion of this transaction, Multicoin co-founder Kyle Samani is expected to serve as the chairman of the company's board, and he expressed his anticipation for participating in the company's future development.

The company's stock rose nearly 60% after the announcement, showing the market's positive reaction to the plan. Forward Industries competes with other major SOL reservoirs like Upexi and Sharps Technology, with Upexi holding over 2 million SOL and Sharps Technology's SOL valued at $460 million.

Not only that, SOL Strategies is also taking action, holding over 435,000 SOL, and plans to list on the NASDAQ while retaining its HODL code on the Canadian Securities Exchange. Additionally, DeFi Development Corp plays an important role in this trend, holding over $400 million in SOL.

Currently, Solana still occupies an important position in the cryptocurrency market. SOL successfully broke through the resistance of $209 on Monday, and is currently trading at around $214. This price rise marks that it is on a key upward trend line, supported by the 50-day simple moving average. However, please note that this article is for informational purposes only and does not constitute investment advice. What do you think about the future direction? Feel free to leave a message and discuss with everyone! 💬
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