Solana Surges as Upexi Commits $200M to Crypto Treasury

Solana (SOL) is on the rise, trading at approximately $166.28—up 6.23% in the past 24 hours, according to CoinDesk Research. This rally is backed by strong technical indicators and bullish institutional activity.

Boosting market sentiment, Nasdaq-listed consumer brands firm Upexi (UPXI) announced a $200 million private financing deal to expand its crypto treasury, with Solana as its primary focus. The Tampa-based company secured $50 million in equity from accredited and institutional investors, including CEO Allan Marshall, who purchased shares at a premium of $4.94. The remaining $150 million comes from convertible notes backed by SOL and carrying a 2% annual interest. These notes convert into Upexi shares at $4.25 and mature in 24 months.

As of June 24, Upexi held 735,692 SOL—an 8% increase since May. Following the financing, it expects to more than double this position. The offering is private and not registered with the SEC.

Technically, SOL rose from $156.45 to $166.65 over 24 hours, peaking at $166.76. Significant volume emerged at $160.31, confirming institutional accumulation. Resistance near $165.30 was tested multiple times before a breakout above $166, signaling strong bullish conviction.

During the final hour of the analysis period, SOL remained volatile but held its bullish trend, fluctuating between $164.24 and $166.76. Key support formed near $164.30, with resistance at $166.75, indicating a consolidation range ahead of a potential push to the $170 mark.

With institutional backing and increased buying pressure, Solana appears poised for continued momentum. Upexi’s growing stake signals rising corporate interest in SOL, potentially solidifying its position as a leading crypto asset.