Solana’s SOL Hovers Near $200 as Upexi Expands Holdings and Analyst Predicts $500 Target
Solana’s SOL token continues to gain momentum, trading just below the $200 mark early Wednesday, as bullish corporate activity and optimistic price forecasts reinforce its rally. The sixth-largest cryptocurrency by market capitalization is benefiting from increased institutional interest and bold projections that point to significant upside potential.
Consumer brand holding company Upexi Inc. (Nasdaq: UPXI) revealed on Monday that it had added another 100,000 SOL to its balance sheet, raising its total holdings to 1,818,809 SOL—valued at approximately $331 million. The acquisition was funded through a $200 million capital raise combining equity and convertible notes. This marks Upexi’s third successful fundraising round since initiating its Solana-focused treasury strategy in April.
According to Upexi’s statement, over half of the accumulated tokens were acquired in a locked format at a discounted rate, generating an unrealized gain of $58 million. The firm also disclosed that nearly all of its SOL is staked, projecting up to $26 million in annual yield based on the current staking rate of 8%.
Allan Marshall, CEO of Upexi, positioned the company’s treasury model as a pioneering structure for public market altcoin exposure. “We believe Upexi offers a unique entry point for investors looking for direct, yield-generating exposure to digital assets,” he said. Upexi also introduced a new valuation metric dubbed “Basic mNAV” (market cap-to-SOL holdings ratio), which stood at 1.2x as of July 18.
At the same time, noted crypto analyst “Christiaan” took to X (formerly Twitter) with a bullish outlook, stating that SOL is “ready for a massive pump,” forecasting a potential price range between $400 and $500 during the current bull cycle.
As of writing, SOL is trading at $198.33, according to CoinDesk data—up 0.26% on the day. Over the past month, the token has surged 47.6%, cementing its status as one of the quarter’s top performers.
Technical Analysis Overview:
- Between July 22 at 09:00 UTC and July 23 at 08:00 UTC, SOL traded within an $11.48 range, peaking at $205.99.
- Volume spiked to 3.77 million units at 13:00 UTC on July 22, creating a resistance level at $203.81.
- Price dipped slightly from $200.04 to $198.95 in the final trading hour, falling below the $200 support as institutional selling surfaced.
