Sun, Solana’s native token, hovered just under $ 200 early Wednesday after a wave of bullish developments – including a major business accumulation and bold analyst projections – renewed momentum in the sixth most valuable cryptocurrency at market value.
On Monday, Consumer Brand Platform revealed Upexi Inc. (Upxi) that it had acquired another 100,000 sun, which brought its total holdings to 1,818,809 sun worth approx. $ 331 million. The NASDAQ-listed company financed the acquisition through a $ 200 million and convertible notes that marked its third successful round of capital since the launch of its Sun Treasury strategy in April.
In a press release, Upexi said that more than half of its tokens were purchased in locked form for a discount, resulting in an unrealized gain of $ 58 million when explaining both token value and reduced acquisition costs. Almost all its sun is now stacking, where the company expects to generate up to $ 26 million in annual dividends based on the current 8% rate.
Upexi CEO Allan Marshall framed the strategy as a first-in-SIN-stroke model for Altcoin Treasury Management in public markets. “We believe this positions upexi as an optimal vehicle for investors seeking exposure to digital assets,” he said. The company also introduced a new valuation benchmark, it calls “Basic MNAV”, calculated as the ratio of market capital and the dollar value of the sun that was held. From July 18, Upexi traded with 1.2x its sun network value.
Business news coincided with a bullish forecast from the popular pseudonymous crypto analyst “Christiaan”, who posted on X that Solana “is ready for a massive pump” and could reach $ 400 to $ 500 in this bull market.
At the time of writing, Sol is trading for $ 198.33, an increase of 0.26% over the last 24 hours, according to Coindesk data. The token has collected 20% over the past week, 30% over the past two weeks and 47.6% over the past month, making it one of the best possible assets in the crypto market this quarter.
Technical analysis highlights
- According to Coindesk Research’s Technical Analysis Data, Sol traded within a $ 11.48 interval from July 22 at. 09:00 UTC to July 23 at. 08:00 UTC, where he peaked with $ 205.99.
- Volume rose to 3.77 m units at. 13:00 UTC on July 22 and formed strong resistance to $ 203.81.
- Sun fell from $ 200.04 to $ 198.95 over the last hour and breached the $ 200 -support level when institutional sales arose.
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