SOL Price May Reach $500 in Ongoing Bull Market, Analyst Says, After Upexi Raises Exposure to 1.8M SOL

Solana’s native token, SOL, is trading just under $200 following major corporate accumulation and a bullish price outlook pointing to a potential surge toward $500.

Upexi Inc. (Nasdaq: UPXI) announced Monday it had purchased an additional 100,000 SOL, bringing its total holdings to 1,818,809 tokens worth approximately $331 million. The acquisition was funded through a $200 million raise via equity and convertible notes—marking the company’s third successful funding round since April as part of its strategic SOL treasury initiative.

Over half of Upexi’s SOL holdings were acquired at a discount in locked form, resulting in a $58 million unrealized gain when factoring in price appreciation. Nearly all of the tokens are now staked, with projected annual yield reaching up to $26 million at the current 8% staking rate.

Upexi CEO Allan Marshall described the approach as a breakthrough in altcoin-based treasury management for public companies. “We believe Upexi offers an innovative entry point for investors looking to gain direct exposure to digital assets,” he said. The firm has also introduced a custom valuation benchmark, dubbed “Basic mNAV,” which compares its market capitalization to the dollar value of SOL on its books. As of July 18, Upexi’s market cap traded at 1.2 times its SOL net asset value.

Adding to bullish sentiment, a pseudonymous analyst known as “Christiaan” shared on X that Solana is “ready for a massive pump” and forecasted a price target between $400 and $500 during this bull cycle.

At press time, SOL is priced at $198.33, rising 0.26% on the day. The token is up 20% over the past week, 30% in two weeks, and nearly 48% over the last 30 days—cementing its position as one of the top-performing large-cap cryptocurrencies this quarter.

Technical Summary (via CoinDesk Research):

• SOL traded within a $11.48 range from July 22 to July 23, peaking at $205.99.
• A volume spike to 3.77 million tokens occurred at 13:00 UTC on July 22, creating resistance at $203.81.
• The token dipped from $200.04 to $198.95 during the final hour of the session, briefly breaching the $200 support level amid signs of institutional selling.

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