Solana-backed firm Upexi announced a $50 million share buyback, signaling confidence in Solana (SOL) despite recent market weakness. The company previously invested $300 million in SOL and said the buyback will be executed at the most advantageous timing and price.
Allan Marshall, head of Upexi, said the program aims to enhance shareholder value without affecting strategic growth or treasury strength. Repurchasing shares could increase SOL value per share, boosting potential returns if the market recovers.
SOL has fallen 10% to $141 in the past 24 hours, with trading volumes up 42% to $8.4 billion. Analysts say this creates an opportunity for Upexi to buy at a roughly 30% discount compared to recent levels.
The $135 zone is a key support level, aligning with the lower boundary of the current price channel and a past demand region that triggered a rebound in June. A recovery toward $185 could signal that SOL has set a local bottom.
Buybacks like this often indicate confidence and can spark short-term rebounds. Upexi’s move shows how crypto projects strategically use treasury resources to support token value.
Analysts suggest that if SOL holds above $135, the token may see renewed investor interest and further gains in the coming weeks.
