Solana's treasury and consumer brand company, Upexi, plunged by 60% following the filing of a registration statement, enabling investors to sell common shares.
The filing allows investors to sell their stock, although it doesn't indicate an immediate intent to do so, according to Upexi's CEO, Allan Marshall.
In contrast, the broader cryptocurrency market rebounded after President Donald Trump announced a ceasefire between Israel and Iran, leading to gains in Bitcoin, XRP, Solana, and Ethereum.
The cryptocurrency market's positive response is attributed to easing tensions in the Middle East, following earlier escalations triggered by an UN report on Iran's nuclear activities.