The activity of the Solana cash (soil) continues to attract institutional attention after the company of the consumer brand listed at NASDAQ Upexi Inc. announced on Monday a new $ 500 million participation agreement. The installation, organized with AGP / Alliance Global Partners, allows the company to issue ordinary actions at its discretion, subject to certain closing conditions.
In a press release, the UPEXI said that funds will be used for general business purposes and to extend its Solana treasure strategy, which has grown rapidly since the start of the company accumulated soil earlier this year. The firm stressed that the installation includes “no engagement costs” and has been negotiated on “particularly friendly terms”, offering what the Upexi has described as an attractive capital cost.
“The line of equity gives Upexi means and additional flexibility to increase capital and increase its Solana position,” CEO Allan Marshall said in the press release. “We now have a multitude of tools to raise capital in the most profitable and accessible way.”
The announcement follows the disclosure of July 21 of Upexi which it had acquired 100,000 other soil – funded by a private investment of $ 200 million – bringing its total assets to 1,818,809 soil worth around $ 331 million at the time. More than half of the tokens were bought in locked form at a reduced price, which led to an unrealized gain of $ 58 million.
The company has since put almost all of its soil to win the yield, projecting up to $ 26 million in annual implementation at current rates. The UPEXI has also introduced a new reference, the “basic MNAV”, which measures its market capitalization compared to the dollar value of its soil holdings. From July 18, this ratio amounted to 1.2x.
The action emission agreement gives the company an additional place to develop its strategy, which potentially gives it a more important role in training market expectations around the institutional accumulation of Altcoin. However, the action of Monday prices for Sol has shown a mixed feeling. According to Coindesk data, Sol decreased by 0.99% to $ 187.35 in the last 24 hours.
The slowdown has followed a lively reversal of intrajournal summits, with high sales pressure emerging during the afternoon session. However, the volume spikes at the end of the day alluded to a renewed interest from the participants in the market, perhaps positioning themselves before the new treasury updates or macro-catalisters.
Strengths of technical analysis
- According to the Technical Analysis Data model of Coindesk Research, Sol exchanged in a 24 -hour range of $ 186.38 to $ 194.99, a swing of 4.47%, from July 27 at 4:00 p.m. UTC on July 28 at 3:00 p.m. UTC.
- The price rallied from $ 186.42 to $ 194.99 per 05:00 UTC on July 28, winning 4.59% before meeting resistance.
- A net sale followed from 12:00 pm UTC at 2:00 pm UTC because the price went from $ 192.82 to $ 187.38 in heavy volume exceeding 2.5 million units.
- In the last 60 minutes (14: 35–15: 34 UTC), soil rebounded 0.78%, from $ 187.34 to $ 188.81.
- During this recovery, the price consolidated between $ 187.15 and $ 188.94 before exceeding the resistance from $ 188.50 to 15:22 UTC.
- The volume increased to 39,417 units at 15:32 UTC, indicating institutional accumulation and suggesting additional gains potential.
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