The Nasdaq-listed Forward Industries (NASDAQ: FORD) stock price rallied by a whopping 36% on September 11, as the company started executing its $1.65 billion Solana Treasury plan. Over the past week, the FORD stock has gained 135%, in a strong vote of investor confidence. On the other hand, SOL price has gained another 6% to $234, dominating the broader crypto market rally.
FORD Stock Rallies on Solana Treasury Plan
Earlier this week, Forward Industries completed a $1.65 billion private placement to finance its purchase of Solana’s native token, SOL. The announcement by the Nasdaq-listed firm has resulted in strong bullish sentiment, as the daily trading volume for SOL jumps 27% to more than $11.1 billion.
Mike Novogratz’s digital asset management company, Galaxy Digital, is assisting Forward Industries in acquiring a massive $1.65 billion worth of SOL. Over the past 24 hours, the firms have purchased 2,159,182 SOL, valued at approximately $486 million, as per data from Arkham Intelligence.
While speaking on an CNBC interview, Novogratz said that the Solana blockchain can do 14 billion transactions per second. This is more than the transactions for equities, fixed income, commodities and FX markets together, which is why SOL becomes a special treasury asset.
Following this development, the FORD stock gained another 36% on Thursday, extending its weekly rally to 135%. On Thursday, the daily trading volume for the firm also crossed $1 million. The race for Solana Treasury is heating up fast as another company SOL Strategies, made its Nasdaq debut this week, and is trading with the STKE ticker.
SOL Rally Dominates the Broader Crypto Market Rally
Following the softer US PPI data earlier this week, the broader crypto market has been showing strength. Amid the Solana Treasury news, SOL has been dominating the crypto market rally with 15% gains on the weekly chart. The SOL price is up another 6% today, with its daily trading volume surging 27% to $11.46 billion. This highlights strong bullish sentiment among traders.
As per the Coinglass data, the SOL futures open interest is up by 7.28% to $16.41 billion. Popular crypto analyst Javon Marks noted that if the SOL price held above $233, it could set the stage for another 100% rally to $457.
Additionally, the Solana blockchain is hitting new milestones in the decentralized finance (DeFi) space as well. For the first time in history, the total value locked (TVL) on Solana has crossed $13 billion. All eyes will be on the arrival of spot Solana ETF, expected in October next month, subject to US SEC approval.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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