Nasdaq-listed Solana treasury firm Upexi (UPXI) said its Solana reserves rose +4.4% to 2,106,989 SOL as of Oct. 31, an increase of 88,750 SOL since its last update on Sept. 10.
At Solana’s month-end price of $188.56, Upexi’s holdings were valued at about $397M.
According to the press release, the company said it acquired the tokens for $325M in total, at an average cost of $157.66 per SOL.
That placed unrealized gains near $72M, reflecting price gains, staking rewards, and a discount from locked tokens.
After the broader market decline on Monday, Solana fell roughly 15% to about $160.94.
The value of Upexi’s holdings now sits near $340M, trimming the paper profit to roughly $15M.
The update comes as digital-asset treasury firms face sharp share-price declines from highs earlier this year. Upexi’s stock is down about -75% from its peak.
(Source: UPXI USDT, TradingView)
As a result, market-cap-to-net-asset-value ratios have tightened, with Upexi’s modified NAV now around 0.7.
Upexi also reported an adjusted SOL per share of 0.0187 ($3.52), representing a +47% gain in SOL and 82% in dollar terms since the company launched its treasury effort in April through a $100M private placement led by GSR.
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Solana Price Prediction: Could SOL Price Drop 30-40% If Support Breaks?
On Solana, fresh figures from DeFiLlama show about $10.30Bn locked across DeFi platforms.
Stablecoins on the network total roughly $14.26Bn in market value, and USDC makes up about 65% of that share.
Trading activity is strong. Solana-based DEXs processed around $5.15Bn in volume over the past day.
Price action, however, looks fragile. SOL is now retesting a long-running weekly trendline that has supported its rise since 2023.
The chart still shows a clean stretch of higher lows over the past year, but recent candles point to fading strength as price drifts toward the $150–$160 zone.
You can literally see story on that $SOL
Months of clean higher lows, now hanging right on edge of the trendline that is held since 2023.
If this breaks, trust me there’s no magic it’s a 30–40% slide straight into next liquidity zone.
And yet, people are still trying to buy the… pic.twitter.com/JkZoPxrvZH— Henry (@LordOfAlts) November 4, 2025
If this support gives way, the move could turn fast. The analyst warns that a breakdown may lead to a 30–40% drop, lining up with a liquidity pocket near $100–$120.
One chart note marks the downside closer to 36%, underscoring how exposed the market could become if buyers fail to defend.
SOL has also failed several times to push past resistance around $225, forming lower highs since mid-2025.
That pattern shows sellers are still in control. From here, the trendline is the key marker: hold and bounce, or lose it and slide deeper. For now, the mood leans cautious.
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