TLDR
- FORD stock surged by 36% on September 11, following Forward Industries’ $1.65 billion Solana Treasury plan announcement.
- The stock has experienced a 135% increase over the past week, reflecting strong investor confidence.
- Galaxy Digital is assisting Forward Industries in acquiring Solana’s native token, SOL, valued at $1.65 billion.
- SOL price increased by 6%, reaching $234, while its daily trading volume rose by 27%, surpassing $11.1 billion.
- Solana’s total value locked (TVL) surpassed $13 billion for the first time, highlighting the blockchain’s growth.
The FORD stock surged by 36% on September 11, following Forward Industries’ announcement of its $1.65 billion Solana Treasury plan. This remarkable rise is part of a broader 135% increase over the past week, reflecting strong investor confidence. The company’s bold move to acquire Solana’s native token, SOL, is driving this bullish sentiment in the market.
FORD Stock Rallies on Solana Treasury Announcement
Forward Industries’ stock price rallied sharply after it revealed a $1.65 billion private placement to finance its SOL purchase. The announcement caused a 36% increase in the FORD stock price on September 11. As the market digests this, the stock has soared by 135% in the past week, with a daily trading volume crossing $1 million.
Mike Novogratz’s Galaxy Digital is aiding Forward Industries in acquiring a massive quantity of SOL. Novogratz, during an interview with CNBC, explained that Solana’s blockchain can handle up to 14 billion transactions per second. This impressive figure has led to significant investor enthusiasm around Solana’s potential as a treasury asset.
With this new development, the FORD stock continues to experience a strong upward trajectory. The market’s positive response to the Solana Treasury plan is evident in the price spike and increased trading activity. This move positions Forward Industries as a key player in the growing Solana ecosystem.
SOL Price Gains 6%, Leading the Crypto Market Rally
Meanwhile, Solana’s native token, SOL, is also gaining momentum. SOL’s price surged by 6%, reaching $234 on the day of the announcement. As the Solana Treasury news broke, the daily trading volume for SOL jumped by 27%, surpassing $11.1 billion.
Over the past week, SOL has increased by 15%, dominating the broader crypto market rally. The bullish sentiment around Solana has been reinforced by the fact that SOL futures open interest increased by 7.28%, reaching $16.41 billion. Popular crypto analyst Javon Marks pointed out that if SOL holds above $233, it could pave the way for a potential rally to $457.
Solana’s rise extends beyond price action, with the Solana blockchain hitting a new milestone. For the first time in history, Solana’s total value locked (TVL) has crossed $13 billion, further highlighting the platform’s growth. The expected launch of a Solana spot ETF in October, pending SEC approval, could provide an additional boost to its market position.
The market’s response to the Solana Treasury plan signals increasing investor confidence in both Forward Industries and Solana. The collaboration between Forward and Galaxy Digital highlights the growing institutional interest in Solana. The strategic move to acquire SOL reflects broader trends in the digital asset space, where blockchain technology is gaining significant attention.
