Saad Ullah
Solana (SOL) climbed from $156.45 to $166.65 as Upexi secured $200 million in financing, with over $150 million earmarked for SOL treasury expansion.
Solana has been on a tear over the past 24 hours, with SOL price jumping 7% from $156.45 to $166.65. The rally comes as institutional interest in Solana continues to heat up, with several major companies doubling down on their SOL holdings through massive treasury buys.
The biggest news driving SOL price action is Upexi's announcement of a $200 million financing package that's heavily focused on Solana accumulation. Trading volume also surged 19% to around $4.90 billion, while analysts are putting 95% odds on a Solana ETF approval by October. SOL is currently trading at $166.28, up 6.23% in the past day.
Upexi's Big Bet on SOL Treasury Strategy
Upexi (UPXI), a Tampa-based consumer brands company on Nasdaq, just dropped some major news on Friday. They've locked in about $200 million in fresh financing through a mix of equity and convertible notes, and here's the kicker – a big chunk of that money is going straight into their crypto treasury, specifically targeting Solana.
The deal breaks down like this: $50 million came from equity sales to accredited investors, including CEO Allan Marshall. Shares went for $4.00 each, though management paid a premium of $4.94. That equity deal should close around July 14.
But the real story for SOL price is the $150 million in convertible notes backed by SOL as collateral. These notes carry just a 2% annual interest rate and can convert to Upexi stock at $4.25 per share. They mature in 24 months and are set to close around July 16. Once that happens, all that SOL gets added to their holdings.
SOL Holdings Show Corporate Adoption Is Real
Upexi isn't just jumping on the Solana bandwagon – they've been building their position for months. Back in June, they revealed they held 735,692 SOL as of June 24, which was up 8% from the 679,677 SOL they reported in May. That's consistent accumulation, not just opportunistic buying.
Once this new financing closes, Upexi expects to more than double their current SOL stash, potentially making them one of the biggest corporate holders of Solana. They're joining companies like DeFi Dev Corp and BIT Mining in making serious bets on SOL's long-term potential.
The fact that these deals were done privately without SEC registration shows we're talking about sophisticated institutional money here – the kind that usually doesn't panic sell at the first sign of trouble.
Technical Picture Looks Strong for SOL Price
From a technical standpoint, SOL showed some serious strength during its 24-hour run from $156.45 to $166.65. The 6.52% gain came with solid volume backing, especially around the $160.31 level where we saw 3.23 million in volume – way above the 24-hour average of 1.34 million.
The breakthrough above $166 happened with strong volume of 2.26 million, suggesting this wasn't just a quick squeeze but real buying interest. SOL found good support around $164.30 and ran into resistance near $166.50-$166.75, setting up a nice trading range.
Looking at the recent price action, SOL seems to be consolidating after its big move, which is healthy. The technical setup suggests we could see a push toward $170 if the current momentum holds up.
Saad Ullah
