Solana Gains Steam — $300M Treasury Push from BIT Mining Sparks Rally

BIT Mining aims to raise $300 million for SOL.
The corporation plans to convert its crypto assets to SOL to boost its reserve.

SOL might reach $183 if an inverted H&S pattern is confirmed.
After crypto mining business BIT Mining (BTCM) announced a $300 million treasury move to Solana, SOL climbed 4% on Thursday.

BIT Mining shares SOL treasury interest, Solana gains.
NYSE-listed BIT Mining aims to raise $200 million to $300 million in installments for a Solana treasury.

The corporation plans to convert its crypto assets into Solana as part of its new move, although it did not disclose how much it has.

"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," stated BIT Mining CEO Xianfeng Yang in a Thursday news statement.

With Solana's infrastructure and increasing developer community, BIT Mining hopes to "drive innovation, enhance ecosystem integration, and create sustainable shareholder value." It also said it will run validator nodes to support Solana and gain staking payments.

BIT Mining joins other companies that have switched to SOL, mimicking Strategy's (previously MicroStrategy) Bitcoin treasury accumulation strategy. In recent months, Classover Holdings, SOL Strategies, DeFi Development Corporation, and Upexi formed Solana treasuries.

BIT Mining's shares rose almost 150% on Thursday after the news before falling 14% after-hours.


SOL rose over the 100-day SMA and 50-day EMA to $163 barrier, which the 200-day SMA strengthens.

A rise over $163 would confirm an inverted Head-and-Shoulders (H&S) pattern, which might push its price up 12% to $183, the next significant resistance level. Rejection at $163 might drop it to $142.

The Stochastic Oscillator (Stoch) is overbought and the Relative Strength Index (RSI) is above neutral. Overbought Stoch circumstances suggest a short-term retreat despite strong bullish momentum.


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