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Solana [$SOL] is in a peculiar state.
On one side, investor interest seems to be growing. On the other, one of the biggest corporate holders of $SOL is sitting on massive unrealized losses.
Here’s the rundown…
Solana ETFs see huge demand
Investor interest in U.S Spot Solana ETFs is picking up. The funds recorded $6.5 million in net inflows yesterday, taking weekly inflows to $58 million. That’s the strongest week since December 2025, and that’s with one trading session still left!
The press time tracker also revealed that total net flows across Solana ETFs were at around $1.13 billion, with the combined AUM near $1.05 billion. Bitwise’s BSOL led the pack with over $900 million in total net flows, followed by Fidelity’s FSOL and Grayscale’s GSOL.
The other side of the trade
What you’re not seeing, however, is that Forward Industries, the largest-listed Solana treasury firm, is facing the heat on its $SOL position.
The company holds nearly 7 million $SOL, most of it staked. However, its earlier purchases were made at a much higher average cost.
With $SOL now trading below that level, Forward’s unrealized loss is nearing $1 billion. Its latest quarterly filing also showed a net loss of about $586 million, mostly caused by the drop in the fair value of its $SOL holdings.
$SOL’s price could go either way
This mixed picture is very visible in the chart.
$SOL was trading at $89, at press time, after pulling back from its recent move towards the high-$90 range. The RSI had slowed down from stronger levels and seemed to be closer to neutral. The MACD was also slowing down too.
Put simply, we’re not in a clearly bullish or bearish state yet. Demand may be entering the market, but large $SOL exposure (like that of Forward Industries) is still under pressure.
As it stands, $SOL needs a move above to confirm renewed upside. Until then, traders are likely to watch whether ETF demand can outweigh the pressure from weaker price action.
Final Summary
- Solana spot ETFs saw $58M in weekly inflows; strongest demand since December 2025.
- However, a major corporate $SOL holder is sitting on nearly $1B in unrealized losses.