Wrapped Solana (SOL)

S O L A N A H Y P E R C Y C L E https://t.co/y23hdFYCVs

《Reassessing Solana with State Governance Logic: Insights from Singapore's Experience on Public Chain Ecosystem Transformation》（author @agintender）

This article draws an analogy between Singapore’s nation‑building and transformation history and Solana’s ecosystem evolution, arguing that managing a public chain is essentially akin to governing a digital nation: tokens are currency, developers are citizens, and DApps are industries. It likens FTX’s role in Solana to the British troops in early Singapore, and the Meme boom to gray capital, bringing liquidity, users, and infrastructure stress tests to the ecosystem. For Solana to avoid becoming a “casino chain,” it must complete governance upgrades, dynamic token‑economy design, and core industry cultivation before the Meme dividend fades. Read full article: https://t.co/sApt9tUivK

SOL is back in the $60s for the first time in 3 years.

For the first time since 2023, $SOL has returned to the 6x price range.

At the same time, Forward Industries just deposited 455,784 SOL (~$31.87M) to CB Prime.

• Last year, Forward Industries (NASDAQ: FWDI) — backed by Galaxy Digital, Multicoin Capital, and Jump Crypto — spent ~$1.59B to acquire 6.83M SOL at an average price of $232.08.

• Today, those holdings are worth only ~$458.6M.

• Their unrealized loss is now approaching $1.13B.

• Despite that, Forward Industries continues to position itself as the world’s largest “Solana treasury company,” focused on accumulating SOL, staking, DeFi yield generation, and validator operations to increase SOL-per-share for shareholders — similar to Strategy’s BTC model and Bitmine’s ETH strategy.

• They have remained committed to the long-term thesis, increasing holdings to more than 6.97M SOL by early 2026.

What makes this deposit interesting:

• This is not even their largest transfer.

• Previous deposits included ~1.4M SOL (~$200M) in November 2025 and 1.88M SOL (~$260M) on another occasion.

• The move could be related to staking, lending, or portfolio rebalancing — not necessarily a sell-off.

Meanwhile, on-chain data shows:

• SOL realized price: ~$120

• Current market price: ~$65

That leaves SOL trading nearly 46% below its realized price.

So what do you think?

Is SOL at $65 already the dip everyone was waiting for, or can we still see SOL revisit the $40s... maybe even the $30s?