Institutional interest in Solana is on the rise, as more public companies are making significant investments in its long-term potential. One such company leading the pack is Upexi, a Nasdaq-listed consumer products firm that has recently announced the formation of an advisory committee to guide its Solana treasury strategy.
Upexi currently holds over 2 million SOL tokens, valued at more than $400 million, making it the largest corporate holder of the token. The company has been aggressively accumulating SOL as part of its reserve strategy and is now looking to strengthen its position with the expertise of industry veteran Arthur Hayes, former CEO of BitMEX, who has been appointed as the first member of the advisory committee.
But Upexi is not alone in its bullish stance on Solana. Other publicly traded companies, including NYSE-listed BIT Mining and DeFi Development Corp., have also unveiled their Solana reserves, committing millions to token accumulation. DeFi Development Corp. recently increased its holdings to nearly a million SOL, solidifying its position as the second largest corporate holder, while Bit Mining has announced plans to liquidate all existing crypto holdings to focus exclusively on SOL.
The corporate interest in SOL is translating into significant price action for the token. Solana has seen a surge of over 15% in the past 24 hours, trading at around $201 at the time of writing. This marks a 23% increase over the past week, signaling a strong recovery since the dip below the $200 mark in July. The token’s market capitalization has reached $108.5 billion, with daily trading volume spiking by 130% to $12.8 billion, indicating a high level of investor interest.
On-chain signals are also pointing towards a bullish trend for SOL, as the token has broken above key exponential moving averages and is currently in an upward trajectory. With Solana up 38% from its year-to-date low and inching closer to its all-time high of $236, market expectations are high for a potential retest of the range and further gains as momentum continues to build.
Overall, the growing institutional interest in Solana, exemplified by companies like Upexi, is driving a positive outlook for the token’s future trajectory. As more public companies recognize the value and potential of Solana as a reserve asset, the token’s price and market performance are likely to continue on an upward trajectory.