SOL, the native token of Solana, has been making waves in the cryptocurrency market, with its value hovering just below $200 early Wednesday. This surge in price comes on the back of several bullish developments that have renewed momentum in the sixth most valuable cryptocurrency by market capitalization.
One of the major factors contributing to SOL’s recent price increase is the news that consumer brand platform Upexi Inc. has acquired an additional 100,000 SOL, bringing its total holdings to 1,818,809 SOL worth approximately $331 million. The Nasdaq-listed company funded this purchase through a $200 million equity and convertible notes raise, marking its third successful capital round since launching its SOL treasury strategy in April.
In a press release, Upexi revealed that more than half of its tokens were purchased in locked form at a discount, resulting in a $58 million unrealized gain. The company has now staked nearly all of its SOL holdings and expects to generate up to $26 million in annual yield based on the current 8% rate. Upexi CEO Allan Marshall described this strategy as a first-of-its-kind model for altcoin treasury management in public markets and introduced a new valuation benchmark called “Basic mNAV.”
This positive news was further bolstered by a bullish forecast from popular crypto analyst “Christiaan”, who predicted that Solana is “ready for a massive pump” and could reach $400 to $500 in the current bull market.
As of the latest data, SOL is trading at $198.33, up 0.26% over the past 24 hours. The token has seen significant gains over the past week, month, and quarter, making it one of the top-performing assets in the crypto market.
In terms of technical analysis, SOL traded within a $11.48 range from July 22 to July 23, peaking at $205.99. Volume surged to 3.77M units on July 22, forming strong resistance at $203.81. However, SOL dropped below the $200 support level as institutional selling emerged.
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