As Upexi Grows Its SOL Holdings to 1.8M, Analysts Forecast Solana Could Rally to $500 in Current Cycle

Solana’s native token SOL continues its upward momentum, trading just below $200, after a wave of bullish developments including a substantial corporate acquisition and a bold price forecast by a well-known analyst.

Consumer brand platform Upexi Inc. (Nasdaq: UPXI) announced on Monday it had acquired an additional 100,000 SOL, bringing its total holdings to 1,818,809 tokens—valued at approximately $331 million. The purchase was financed through a recent $200 million capital raise via equity and convertible notes, representing the company’s third successful fundraising round since April.

Upexi revealed that over 50% of the SOL was acquired at a discount in locked form, resulting in an unrealized gain of $58 million when accounting for both market appreciation and acquisition pricing. Nearly the entire SOL position is now staked, with the company expecting up to $26 million in annual returns based on the current staking yield of 8%.

“This model positions Upexi as a unique entry point for public market investors seeking direct exposure to digital assets,” said CEO Allan Marshall. The company also introduced a new valuation metric—Basic mNAV—which measures its market cap relative to the dollar value of its SOL holdings. As of July 18, Upexi traded at 1.2x its SOL net asset value.

The news coincided with a bullish call from pseudonymous analyst “Christiaan,” who posted on X that Solana is “ready for a massive pump,” predicting the token could hit $400 to $500 during this bull market.

SOL was last seen trading at $198.33, up 0.26% in 24 hours. The token has surged 20% over the past week, 30% over two weeks, and nearly 48% in the last month—outpacing most major digital assets this quarter.

Technical Breakdown (CoinDesk Research):

• SOL traded within a $11.48 range between July 22 and July 23, peaking at $205.99.
• Volume spiked to 3.77 million tokens at 13:00 UTC on July 22, establishing resistance at $203.81.
• The token dipped slightly from $200.04 to $198.95 in late trading, breaching the $200 support amid signs of institutional selling pressure.