Solana Price Rallies Amid Institutional Accumulation
Solana (SOL) has recorded a notable 6.23% price surge over the last 24 hours, rising from $156.45 to $166.65, reflecting growing investor confidence and intensifying trading activity. The momentum is being fueled by a combination of institutional treasury strategies and rising speculation around a potential Solana ETF approval later this year.
Trading volume increased by 19% to $4.90 billion, signaling heightened participation across exchanges and reinforcing bullish market sentiment.
Upexi Secures $200M in Financing, Targets Solana for Treasury Allocation
Upexi (UPXI), a Nasdaq-listed consumer brands company based in Tampa, has secured $200 million in funding through equity sales and convertible notes. While a portion of the funds will support ongoing business operations, over $150 million will be allocated to building Upexi’s Solana-based treasury.
The firm disclosed that its current SOL holdings total 735,692 tokens as of June 24, an 8% increase from the previous month.
As part of its financing strategy, Upexi sold $50 million in equity shares, including insider participation at a premium price of $4.94 per share. The remaining $150 million comes from convertible notes backed by SOL collateral, offering a 2% annual interest rate and a 24-month maturity window.
The notes are expected to close by July 16, at which point a significant volume of Solana will be added to Upexi’s crypto reserves.
Technical Analysis Points to Bullish Continuation
In the 24-hour period ending July 11, SOL exhibited robust resilience, climbing nearly 7% and establishing a new support zone around $164.30. Accumulation patterns emerged around $160.31, where volume spiked significantly above the 24-hour average.
Key resistance was tested multiple times near $165.30, before SOL decisively broke above $166.00 with volume support.
Throughout the final hour of the rally, SOL consolidated between $164.24 and $166.76, suggesting the asset is preparing for its next upward leg toward the $170 psychological level.
Institutional Momentum Positions Solana for Long-Term Upside
The combination of corporate treasury expansion, escalating volume, and clear technical breakouts supports the thesis that Solana may extend its rally in the short to medium term. As more public firms allocate to SOL and ETF approval odds climb, the asset’s fundamental and technical outlook remains strongly bullish.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.