Upexi, a brand owner that specializes in supply chain management, is diversifying into the cryptocurrency sector. On April 21, the company announced a $100 million raise, with over 90% earmarked for building a Solana (SOL) treasury strategy.

After the announcement, shares of Upexi have skyrocketed from a $2.30 close on April 17 to $16.79 at this writing, marking a 632% jump for the day.

UPXI intraday performance on the Nasdaq. Source: Google Finance

Many “prominent” crypto venture capitalist firms participated in the $100 million raise, according to an announcement. Backers include the family office of Arthur Hayes, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital, among others. The round was completed with a sale of around 44 million shares of common stock at a price of $2.28.

According to Upexi’s recent financials, it posted a profit of $3 million in the last quarter of 2024, down 34.8% or $4.6 million from the same time period in 2023.

Companies mimic Strategy

Strategy (formerly MicroStrategy) was one of the first mainstream companies to adopt a cryptocurrency treasury strategy. It started purchasing Bitcoin (BTC) in August 2020, and its stock price has jumped significantly since then. Currently, over 13,000 companies have exposure to Strategy.

Other companies have followed Strategy’s lead in adopting a Bitcoin treasury, including Metaplanet, which topped $400 million in BTC holdings on April 21, and Semler Scientific, which reported paper losses for its BTC holdings on April 16.

Related: Metaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs say

Fewer companies adopting a crypto treasury strategy have chosen a coin other than Bitcoin. One such company is Janover, which was taken over by former Kraken executives on April 7. Like Upexi, it is adopting a Solana treasury strategy and acquired $10.5 million worth of SOL on April 15.

SOL is the native token of the Solana blockchain. The network, once seen as the “Ethereum killer,” has fast speeds based on a proof-of-history consensus mechanism. Solana has been among the big winners of the latest bull market, thanks to use cases like memecoins and decentralized infrastructure applications.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

New filings from the Federal Election Commission (FEC) reveal that several cryptocurrency firms and their executives made significant contributions to US President Donald Trump’s inauguration fund after the results of the 2024 election. 

According to FEC filings made public on April 20 by the Trump-Vance Inaugural Committee, Uniswap CEO Hayden Adams donated more than $245,000, Solana Labs donated $1 million, and software firm Consensys sent $100,000 in January 2025 to support the then-president-elect’s inauguration. Many major crypto firms had previously announced their support of Trump through donations to the inaugural fund, including Coinbase, Ripple Labs, Kraken, Ondo Finance, and Robinhood.

Jan. 9 contribution from Uniswap CEO Hayden Adams to Trump-Vance inauguration fund. Source: FEC

Altogether, the fund reported more than $239 million in net donations between Nov. 15 and April 20 from companies and individuals. These included $1 million from McDonald’s, $1 million from Apple CEO Tim Cook, $1 million from OpenAI CEO Sam Altman, and various contributions from Delta Air Lines, ExxonMobil, FedEx, Nvidia, PayPal, Target, and Coca-Cola. 

Since Trump took office on Jan. 20 and appointed Mark Uyeda as acting chair of the US Securities and Exchange Commission (SEC), the agency has dropped multiple investigations and enforcement actions against crypto firms, including those that donated to the president’s 2024 campaign or inauguration fund. In February, Uniswap reported that the SEC had dropped its probe into the firm, and Consensys founder Joseph Lubin said the agency had agreed to end a separate lawsuit. 

This is a developing story, and further information will be added as it becomes available.

The US Dollar Index (DXY) plunged below the 98 level on April 21, falling to a three-year low. That catapulted gold to a new all-time high, and Bitcoin (BTC) also showed strength, rising above $88,000. 

BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes believes it may be the “last chance” to buy Bitcoin below $100,000. Hayes expects the Federal Reserve to announce US Treasury buybacks, which will act as a “Bazooka” for Bitcoin’s price trajectory.

Daily cryptocurrency market performance. Source: Coin360

The whales seem ready for the move higher, as they have been accumulating in March and April. According to Glassnode data, the number of wallets holding more than 1,000 Bitcoin increased from 2,037 in late February to 2,107 on April 15.

Could Bitcoin bulls sustain the higher levels, triggering a rally toward $100,000? Will the altcoins follow? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) recovery hit a wall at the 20-day exponential moving average (5,399) on April 14.

SPX daily chart. Source: Cointelegraph/TradingView

The 5,119 level is the critical support to watch out for on the downside. If this level gets taken out, the index could plummet to 4,950. The bulls are expected to vigorously defend the zone between 4,950 and 4,835.

Instead, if the price rebounds off 5,119, it signals that the bulls are trying to form a higher low. The index could then oscillate between 5,119 and 5,500 for a while. Buyers will have to drive the price above 5,500 to signal that the correction may be over.

US Dollar Index price analysis

The US Dollar Index resumed its downtrend on April 21, indicating that the bears remain in charge.

DXY daily chart. Source: Cointelegraph/TradingView

The index could collapse to 97.50, which could act as strong support. The oversold level on the relative strength index (RSI) signals a possible relief rally in the near term. Sellers are expected to aggressively defend the zone between 99 and 100.27 on any recovery attempt. If the price turns down from the overhead zone, the index risks a fall to 95.

The first sign of strength will be a break and close above the 100.27 resistance. That indicates solid buying at lower levels. A short-term trend change is likely if buyers propel the price above the 20-day EMA (101.64).

Bitcoin price analysis

Bitcoin made a decisive move higher after days of narrow-range trading, and the price has reached a critical resistance at the 200-day SMA ($88,238). 

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The moving averages are about to complete a bullish crossover, and the RSI has risen into positive territory, indicating an advantage to buyers. If the 200-day SMA is scaled, it suggests that the BTC/USDT pair may have bottomed out in the near term. The pair could rally to $95,000 and subsequently to the psychologically vital level of $100,000.

The 20-day EMA ($84,176) is likely to act as strong support during any pullback. A break and close below the 20-day EMA signals that the bears are back in the game. The pair may then tumble to $78,500.

Ether price analysis

Ether (ETH) remains in a downtrend, but the bulls are trying to start a relief rally by pushing the price above the 20-day EMA ($1,659).

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The recovery is expected to face selling in the zone between $1,754 and the 50-day SMA ($1,846). If the price turns down from the overhead zone, it heightens the risk of a break below $1,368.

Contrarily, a break and close above the 50-day SMA clears the path for a rally to the breakdown level of $2,111. Sellers are expected to defend the level with all their might because a break above it suggests that the ETH/USDT pair may have bottomed out. The pair may then rise to $2,600.

XRP price analysis

XRP (XRP) has risen above the 20-day EMA ($2.09), indicating that the bearish momentum has weakened.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

There is resistance at the 50-day SMA ($2.21), but if the level is crossed, the XRP/USDT pair could march toward the resistance line. Sellers are expected to fiercely defend the resistance line because a rally above it signals a potential trend change.

The $2 level is the crucial support on the downside. A break and close below $2 indicates that the bears remain in command. The pair may then tumble to $1.72 and eventually to $1.61.

BNB price analysis

BNB (BNB) broke out of the downtrend line on April 21, indicating that the bulls are trying to seize control.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

A close above the downtrend line opens the doors for a rally to $645. Sellers will try to halt the up move at $645, but if the bulls do not give up much ground, the BNB/USDT pair may rise to $680.

Time is running out for the bears. If they want to make a comeback, they will have to quickly pull the price below $566. Such a move indicates that the markets have rejected the breakout above the downtrend line. The pair could then spend some more time inside the triangle.

Solana price analysis

Solana (SOL) has been gradually climbing toward the $148 to $153 overhead resistance zone, indicating that the bears are losing their grip.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The moving averages are on the verge of completing a bullish crossover, and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. The SOL/USDT pair could rally to $180 if buyers pierce the overhead zone.

Related: Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?

On the contrary, if the price turns down sharply from the overhead zone, it suggests that the bears are selling on rallies. That could keep the pair range-bound between $153 and $120 for some time.

Dogecoin price analysis

Dogecoin (DOGE) has been clinging to the 20-day EMA ($0.16), indicating that the selling pressure is reducing.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The flattening 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. A break and close above the 50-day SMA ($0.17) tilts the advantage in favor of the bulls. The DOGE/USDT pair could then rally to $0.21.

The $0.14 level remains the key support to watch out for on the downside. Sellers will have to yank the price below $0.14 to signal the resumption of the downtrend. The pair could drop to $0.13 and later to $0.10.

Cardano price analysis

The bulls are trying to maintain Cardano (ADA) above the 20-day EMA ($0.63), signaling a comeback.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The ADA/USDT pair could rise to the 50-day SMA ($0.69), which is a crucial near-term resistance to watch out for. If buyers kick the price above the 50-day SMA, it suggests that the corrective phase may be over. The pair could climb to $0.83 and thereafter to $1.03.

If the price turns down from the 50-day SMA, the bulls will try to halt the pullback at the 20-day EMA. If that happens, it increases the possibility of a rise above the 50-day SMA. The advantage will tilt in favor of the bears on a break below $0.58. 

Chainlink price analysis

Chainlink (LINK) closed above the 20-day EMA ($12.90) on April 19 and has reached the 50-day SMA ($13.63).

LINK/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will try to defend the 50-day SMA, but if the bulls overcome the barrier, the LINK/USDT pair could pick up momentum and rally toward the resistance line of the descending channel pattern. The $16 level may act as a hurdle, but it is likely to be crossed.

The first support on the downside is the 20-day EMA and then $11.68. A break and close below $11.68 suggests that bears remain in control. The pair may then slump to the support line, where buyers are expected to step in.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.