Upexi, a major Solana treasury firm, has announced a $50 million share repurchase program. This decision underscores strong confidence in the long-term Solana price prediction. The buyback comes at a time of intense selling pressure in the market.
Upexi, which previously allocated $300 million into Solana (SOL), confirmed its Board of Directors’ authorization. The repurchase program will be executed at the timing, manner, and price the management team believes is most advantageous. Allan Marshall, the company’s head, stated that this buyback is an additional tool to enhance shareholder value.
Can This Upexi Strategy Drive a Rebound for Solana?
By reducing the number of shares in circulation, Upexi aims to increase the amount of SOL tokens each share represents. This could result in a higher return on investment in the future if Solana recovers.
In the past 24 hours, SOL has dropped by 10%, trading at $141 per token. Trading volumes surged by 42%, reaching $8.4 billion, indicating increasing selling pressure. This correction presents an opportunity for SOL treasuries to invest at a 30% discount compared to previous weeks.
Technically, the $135 level stands out as a crucial support area for SOL. This zone aligns with the lower boundary of the current price channel. Additionally, it is a demand region that sparked a strong rebound back in June. A successful bounce from this level could signal a local bottom. The Solana blockchain has historically demonstrated its ability to reward investors who position early in its ecosystems.
Therefore, the Upexi stock buyback program comes at a critical time. It could be the catalyst for a SOL rebound. However, Solana’s ability to hold the $135 support will be key.
