- Solana’s native token SOL remained just below $200 after a significant accumulation by a U.S.-listed company and positive market outlooks.
- Upexi Inc. acquired an additional 100,000 SOL, bringing its total holdings to 1,818,809 SOL valued at about $331 million.
- Most of Upexi’s SOL is staked, with projected annual yield estimated up to $26 million at current rates.
- A crypto analyst predicted SOL’s price could surge to the $400–$500 range during this market cycle.
- SOL has risen 47.6% over the past month, ranking among the top-performing crypto assets recently.
SOL, the token of the Solana Blockchain, traded just under $200 early Wednesday after a series of favorable developments. A public company disclosed a large purchase of Solana, and industry observers made positive forecasts, driving renewed attention to the asset.
On Monday, Upexi Inc. revealed it had acquired 100,000 more SOL tokens, increasing its total holdings to nearly 1.82 million SOL, with a market value of $331 million. The company funded this purchase through a $200 million equity and convertible notes offering, marking its third fundraising event since April.
In its press release, Upexi stated that it bought over half of its tokens in locked form at a discount. Factoring in both token appreciation and this discount, the company reported an unrealized gain of $58 million. The firm staked almost all its SOL, aiming to generate up to $26 million in annual rewards based on an 8% yield.
Upexi CEO Allan Marshall described the approach as a first for publicly traded companies managing altcoin reserves. “We believe this positions Upexi as an optimal vehicle for investors seeking exposure to digital assets,” he said. The company introduced a metric called “Basic mNAV,” comparing its market cap to the dollar value of its SOL holdings. As of July 18, Upexi was trading at 1.2 times this net asset value.
This move aligned with a strong forecast from crypto analyst “Christiaan,” who wrote in an X post that Solana is “ready for a massive pump,” suggesting a possible future price between $400 and $500 in this market cycle.
At the latest update, SOL traded at $198.33, showing a 0.26% rise in 24 hours. The cryptocurrency advanced 20% in the past week and nearly 48% over the month, per CoinDesk data.
Technical analysis from CoinDesk Research noted that SOL moved within an $11.48 range from July 22–23, reaching a peak of $205.99. Trading volume spiked to 3.77 million units at 13:00 UTC on July 22, establishing resistance at $203.81. In the final hour, SOL fell below the $200 support level as institutional selling increased.
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