The price of Solana has risen to $195.47, according to CoinGecko data. Over the week, the token added 17%, and over the month — 44%. The catalyst for the growth was the news of Upexi purchasing 100,000 SOL.
Upexi raised a reserve of 1,818,809 SOL ($331 million), financing the deal through $200 million in equity and convertible bonds. More than half of the tokens were purchased at a discount, bringing in $58 million in unrealized profit. Virtually all coins were directed to staking — the expected annual yield is $26 million at the current rate of 8%.
CEO Allan Marshall called the approach "the first-of-its-kind treasury management model for altcoins in the public market." Upexi also introduced the Basic mNAV metric — the ratio of market capitalization to the value of SOL in reserve.
Analysts' opinions on Solana
$SOL is ready for a massive pump.
Targeting $400-$450 for this bull run. pic.twitter.com/gYc6AmBBOt
— Christiaan (@ChristiaanDefi) July 21, 2025
Trader Christiaan stated that Solana is "ready for a massive jump" and could reach $400–450 within the current bullish cycle.
COO of Bitget Vugar Usi Zade noted in a comment to ForkLog the increased activity of whales and high investor interest in Ethereum and Solana. In his opinion, this indicates a strengthening of institutional confidence in the crypto market.
"Whales have accumulated large volumes of Ethereum, including the recent share of SharpLink, while Solana maintains interest due to developed DeFi and meme ecosystems," he noted.
A representative of Bitget emphasized that the main interest of whales is focused on layer one blockchains. At the same time, large players are also eyeing volatile tokens like PEPE and WIF.
"The growth of TVL, steady inflow to ETFs, and whale positioning create conditions for further growth of Bitcoin, Ethereum, and Solana in the third quarter of 2025," he concluded.
CoinDesk co-editor Omkar Godbole predicts a rise of SOL to $215 and above. Technical indicators signal the preservation of a bullish trend.
It indicated an increase in moving averages and an expansion of Bollinger Bands — this may suggest the end of a low volatility phase.
The 50-day simple moving average (SMA) is also approaching a crossover with the 200-day SMA from below — this is a well-known signal of a 'golden cross', which is considered a strong buy signal.
Analysts expect SOL to test the upper boundary of the ascending channel.
Recall that on July 21, the Solana price exceeded $200 for the first time since February — after the announcement of a new block architecture by Jito Labs and Jito Foundation.