A major Solana treasury firm has just unveiled a $50 million share buyback, a move that signals strong confidence in a long-term Solana price prediction even as the market faces heavy selling.
In a Thursday press release, Upexi, which previously allocated $300 million into Solana, confirmed that its Board of Directors has authorized the repurchase program to be executed at the timing, manner, and price the management team believes is most advantageous.
“We view the repurchase program as an additional tool to enhance shareholder value and will deploy it only when management believes the repurchase represents an attractive return on capital without compromising our ability to pursue strategic growth or maintain a strong treasury position,” commented the head of the company, Allan Marshall.
By reducing the number of shares in circulation, Upexi would effectively increase the amount of SOL tokens that each share represents, which should result in a higher return on investment (ROI) down the road if Solana recovers.
Solana Price Prediction: SOL Nears Key Trend Line Support – Can It Bounce Back?
In the past 24 hours, SOL has dropped by 10% to $141 per token. Trading volumes surged by 42% to $8.4 billion, as selling pressure seems to be increasing.
This creates an opportunity for SOL treasuries to pile in at a 30% discount compared to where SOL traded a few weeks ago.
SOL has been dropping in a near vertical move over the past few sessions.
The $135 zone now stands out as a major support area, since it lines up with the lower boundary of the current price channel and a previous demand region that sparked a strong rebound back in June.
A recovery toward $185 would signal that SOL has likely set a local bottom.
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