BIT Mining’s $300M Solana Bet Sparks Institutional Interest

Solana ETF
Disclaimer: This article provides technical analysis and price predictions based on current market data. Cryptocurrency investments carry substantial risk. This is not financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.

SOL, the native cryptocurrency of the Solana ecosystem, shows a 0.9% surge during Thursday’s U.S. market session. It seems that altcoin continues to build momentum on the recent market surge, which pushed the Bitcoin price to a new high of $112,076 yesterday. However, the SOL coin gained further traction as NASDAQ-listed BIT Mining announced its strategic expansion into the Solana ecosystem.

BIT Mining Bets Big on Solana

On Thursday, July 10th, the crypto mining firm BIT Mining Limited announced plans to allocate up to $300 million towards building a dedicated SOL treasury. The proceeds will be used to accumulate SOL tokens, strengthening the company’s treasury reserve through ongoing capital development and incremental acquisition.

To kickstart the treasury, the company will convert its existing crypto holdings into SOL to support a long-term holding strategy.

The strategic shift will also allow the firm to capture emergency opportunities across the broader blockchain value chain and also attract investors seeking upgrade exposure to the Solana ecosystem.

According to the press release, BIT Mining plans to actively participate in the Solana ecosystem by operating validator nodes, enhancing decentralization and security while earning stable, on-chain staking rewards.

Xianfeng Yang, CEO of BIT Mining, expressed his optimism on the SOL treasury:

“We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space. This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry.”

This move accentuates the increasing institutional investment and engagement in the Solana ecosystem, also bolstering the demand pressure in SOL price.

SOL Price Poised To Breach Major Resistance From Reversal Pattern

In a three-day rally, the Solana price rose from $147.85 to its current trading price of $158.83, representing a 7.43% gain. While the recovery largely followed the broader market momentum, the 4-hour chart revealed the formation of an inverted head-and-shoulders pattern.

The chart setup consists of three parts: a left shoulder (a minor dip), a head (a deeper low), and a right shoulder (a higher low). Historically, the pattern has been observed at the bottom of a downtrend as it bolsters a surge in buying pressure. 

If the pattern holds, the coin price is likely for a bullish breakout from the neckline resistance around $160 and support a bullish surge to the $194 mark. 

Solana Price
SOL/USDT – 1d Chart

The $168.37 and $185 are among the key resistances that investors must watch for.

Also Read: Ethereum Cost Basis Signals Strong Support at $2.5K; Price Breakout Next?

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Sahil Mahadik
Written by Sahil Mahadik
With over three years of hands-on experience in the financial markets, Sahil has honed an exceptional proficiency in technical analysis, which is the cornerstone of his daily monitoring of price fluctuations in leading assets and indices. His foray into the ever-evolving world of cryptocurrency began with a deep fascination for financial instruments. Sahil currently contributes to CryptoNewsZ but has also been featured in prominent publications like Coingape.