Solana’s SOL is showing renewed strength, hovering just below $200, following fresh institutional investment and a bullish price forecast suggesting the token could reach $500 in the current market cycle.
On Monday, Nasdaq-listed Upexi Inc. (UPXI) disclosed it had added 100,000 SOL to its treasury, bringing total holdings to 1,818,809 tokens worth around $331 million. The acquisition was financed through a $200 million capital raise via equity and convertible notes—its third such raise since April when it began building a dedicated SOL position.
More than half of Upexi’s SOL was purchased in locked form at a discount, yielding a $58 million unrealized gain when combining acquisition costs and current market value. Nearly all of its holdings are staked, with the company estimating an annual yield of $26 million based on current returns near 8%.
Upexi CEO Allan Marshall described the strategy as a novel approach to altcoin treasury management in public markets. “We see this as a highly efficient vehicle for investors to gain exposure to digital assets,” he noted. The company has introduced a proprietary valuation metric, “Basic mNAV,” which compares Upexi’s market cap to its SOL holdings. As of July 18, Upexi was trading at 1.2x its net asset value in SOL.
The announcement coincided with a bullish forecast from crypto analyst “Christiaan,” who posted on X that Solana appears poised for a breakout, predicting a price range of $400 to $500 in the current bull run.
At the time of writing, SOL is trading at $198.33, gaining 0.26% in the past 24 hours. It has surged 20% in the past week, 30% over two weeks, and nearly 48% in the last month, making it one of the best performers among top crypto assets this quarter.
Technical Snapshot (CoinDesk Research):
- SOL traded within an $11.48 band between July 22 and July 23, reaching a high of $205.99.
- Trading volume peaked at 3.77 million tokens at 13:00 UTC on July 22, establishing resistance at $203.81.
- Late-session selling pushed SOL from $200.04 to $198.95, dipping below the $200 support amid signs of institutional profit-taking.
