Solana‘s native cryptocurrency, SOL, is gaining considerable attention as it hovers just below the $200 mark, buoyed by a series of influential moves. Its position as the sixth-largest digital currency by market cap is a direct result of heightened interest and trading activity.
How Is Upexi Acquiring More Solana?
Recently, Upexi, a platform known for its consumer brands, expanded its SOL investments to a total of 1,818,809 tokens, valued at around $331 million. The increase came from purchasing an additional 100,000 SOL. The company, listed on Nasdaq, financed this acquisition via a $200 million issuance in shares and convertible bonds. This marks the platform’s third substantial capital influx aimed at SOL since April.
What Are the Financial Gains for Upexi?
More than half of Upexi’s tokens are under lock, acquired at discounted prices, resulting in $58 million of unrealized gains due to present price hikes. Almost the entire token stash is currently staked, with a potential yield of about $26 million annually given the present 8% yield rate.
Upexi CEO Allan Marshall remarked, “We consider this the first instance of altcoin treasury management in public markets, positioning Upexi as an option for those looking to delve into digital assets.”
A recognized cryptocurrency specialist, known as “Christiaan,” expressed his optimism on social platforms, suggesting substantial SOL price surges. He believes, under current bullish market trajectories, the price could escalate to between $400 and $500.
Currently, SOL sits at $198.33, marking a 0.26% rise over the last day. It has made notable progress with a 20% increase in the past week, a 30% rise over two weeks, and a 47.6% surge in the past month, categorizing it among the leading performers in the crypto sphere this quarter.
CoinDesk Research’s technical evaluation indicates that SOL’s trading included a range from $11.48 on July 22 to a high of $205.99 by July 23. In this interval, trading volumes peaked at 3.77 million units, though recent institutional selling caused the price to dip below the $200 threshold.
Upexi’s introduction of a “Basic mNAV” criterion to evaluate their portfolio value, a market value/SOL net asset value ratio, shows promising potential. Additionally, their innovative staking approach may inspire other companies to explore similar paths.
SOL’s upward momentum and expert optimism are catalyzing both institutional purchases and broader market engagement. Its robust yield and substantial trading volume emphasize the token’s growing prominence in the crypto markets. Watching Solana’s trajectory and actions from significant market participants could offer valuable insights for interested parties.
