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Solana (CRYPTO: SOL) is trading 0.84% higher to $138.21 on Monday, continuing a measured uptrend after touching $142.65 in early trading. The token is up 3.55% over the past seven days and has gained 6.77% over the past month, outperforming most top-ten cryptocurrencies amid a string of bullish headlines.
The latest spark for Solana’s momentum came from a $100 million private investment led by crypto trading firm GSR into Upexi, Inc. (NASDAQ:UPXI), which announced plans to shift toward a Solana-based treasury strategy. Upexi, previously focused on consumer product distribution, said it would begin accumulating and staking Solana as part of a broader pivot to digital assets.
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GSR’s involvement is notable. The firm cited Solana’s speed, scalability, and developer ecosystem as core reasons for backing the strategy. Upexi shares surged nearly 500% on the news
The bullish momentum also reflects Solana’s strengthening position within the staking economy. According to StakingRewards, Solana’s staking market capitalization briefly overtook Ethereum’s, hitting $53.15 billion compared to Ethereum’s $53.72 billion. That shift is driven in part by Solana’s higher staking yield—8.31% compared to Ethereum’s 2.98%—and the fact that 65% of its circulating supply is currently staked.
Despite mixed views on staking security, institutional interest in Solana appears to be growing. Blockchain data shows a range of high-volume whale activity over the past week, including large withdrawals from exchanges and staking-related transfers. U.S.-listed firm Janover increased its Solana holdings to over $21 million and announced a partnership with Kraken to stake its assets.
On the technical front, SOL is facing resistance near $144, with a break above that range potentially opening the door to a retest of its March highs. Support is seen near $129—a level that held firm during recent volatility and remains a crucial floor in the event of a pullback.
Solana continues to benefit from a string of network-level upgrades, including improvements to validator client diversity, progress on the QUIC data transfer protocol, and ongoing developer migration via Solang, a compiler that supports Ethereum’s Solidity language.
