The Solana token (SOL) continues to capture attention, trading just below $200. Recent developments involving Upexi contribute to investor interest.
Upexi's Investment Strategy
On Monday, consumer brands platform Upexi announced that it had increased its total SOL holdings to 1,818,809 tokens, amounting to approximately $331 million. This acquisition involved purchasing an additional 100,000 SOL, funded through a $200 million issuance of shares and convertible bonds. Over half of their tokens are locked in and were obtained at a discounted rate. Thanks to the current price increase and reduced purchase costs, Upexi has achieved $58 million in unrealized gains. Almost all tokens are staked, with an anticipated annual yield of up to $26 million based on the current 8% yield rate.
Expert Opinions on the Market
During the same period, renowned cryptocurrency expert 'Christiaan' expressed on social media that he expects a significant increase in Solana's price. He predicted that under the current bullish market conditions, SOL's price might reach levels between $400 and $500. As of the time of writing, SOL was trading at $198.33, reflecting a 0.26% increase in the last 24 hours. Over the past week, it gained 20%, 30% in the last two weeks, and 47.6% in the last month, making SOL one of the top-performing assets in the crypto market this quarter.
Technical Analysis and Trading Volume
According to CoinDesk Research's technical analysis, SOL traded within a range of $11.48, peaking at $205.99. During that timeframe, trading volume hit 3.77 million units. However, in the last hour, the SOL price dropped from $200.04 to $198.95, breaking the $200 support level due to institutional sales. This volatility is linked to fluctuating market conditions and selling tendencies of institutional investors. Upexi introduced a new criterion for calculating portfolio value called 'Basic mNAV', representing the market value/SOL net asset value ratio.
The rising trend in Solana's price is likely to continue due to both institutional purchases and positive expert predictions. Investor attention to SOL may increase, reflecting on the market as a whole.
