Solana Price Forecast: SOL eyes 27% rise as Forward Industries announces $4 billion equity offering

• Solana's uptrend cools ahead of a widely expected Federal Reserve interest rate cut.
• Forward Industries files with the SEC for a $4 billion at-the-market equity offering prospectus for corporate purposes and its Solana treasury.
• Forward Industries recently raised $1.65 billion toward its Solana treasury.

Solana (SOL) edges lower toward the $230 short-term support at the time of writing as investors look forward to the United States (US) Federal Reserve (Fed) interest rate decision later on Wednesday. 

A favorable decision backing a 25-basis-point cut would support SOL's short-term bullish case, increasing the chances of a reversal targeting the $250 resistance and its record high of $296 reached on January 19. Lower interest rates often encourage investment in riskier asset classes, such as cryptocurrencies and equities.

Forward Industries' $4 billion ATM equity offering to support SOL treasury 

The NASDAQ-listed Forward Industries (FORD), a leading Solana treasury company, has filed an at-the-market (ATM) equity offering with the US Securities & Exchange Commission (SEC) with an aggregate sales price of up to $4 billion.

Forward Industries stated that the net proceeds from the ATM program will be channeled into corporate purposes and working capital, in line with its Solana treasury strategy.

Kyle Samani, Chairman of Forward Industries' Board of Directors, stated that the company would gain a "flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy."

The ATM program comes days after Forward Industries completed the largest Solana-focused digital asset raise in history, worth $1.65 billion. Samani added that the company had completed the purchase of 6.8 million SOL and anticipates that the ATM program will boost its scaling ability into that position.

Forward Industries is a global design company that provides services to top-tier medical and technology companies. The Solana treasury initiative aims to enhance the company's financial stability and drive growth initiatives.

There are approximately ten publicly-listed companies operating active Solana treasuries, including Forward Industries, DeFi Development Corp, Upexi Inc., Sharps Technology, Sol Strategies, and Exodus Movement. Pantera Capital CEO, Dan Morehead, revealed this week that the company has a $1.1 billion exposure to Solana.

Technical outlook: Solana bulls eye 27% breakout 

Solana remains above the support level provided at $230 as bulls look forward to a swift recovery above the $250 near-term target. The token also sits significantly above key moving averages, including the 50-day Exponential Moving Average (EMA) at $203, the 100-day EMA at $188 and the 200-day EMA at $177, supporting the bullish outlook. 

The same moving averages would serve as tentative support levels if the macro environment fails to support a bullish outcome and holders sell, realizing profits, following the surge to $250 resistance in the previous week. 

A supportive macro environment, starting with a potential Fed rate cut, could boost Solana's bullish outlook toward its record high of $296.

SOL/USDT daily chart

Still, the Relative Strength Index's (RSI) sharp decline from overbought territory to 62 indicates fading bullish momentum. If the decline continues in upcoming sessions, the price of SOL could extend the correction below the $230 short-term support and potentially toward the 50-day EMA at $203.