Solana Gains Momentum — BIT Mining's $300M Treasury Push Sparks Rally

BIT Mining aims to raise $300 million for SOL.

The corporation plans to convert its cryptocurrency assets into SOL to increase its reserve.

SOL could reach $183 if an inverted Head and Shoulders pattern is confirmed.

After cryptocurrency mining company BIT Mining (BTCM) announced a $300 million treasury move towards Solana, SOL rose 4% on Thursday.

BIT Mining shares the interest in SOL's treasury, Solana gains.

BIT Mining, which is listed on the NYSE, aims to raise between $200 million and $300 million in fees for a Solana treasury.

The corporation plans to convert its cryptocurrency 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 towards what we believe is one of the most dynamic and promising ecosystems in the blockchain space," said BIT Mining CEO Xianfeng Yang in a press release on Thursday.

With Solana's infrastructure and a growing community of developers, BIT Mining hopes to "drive innovation, enhance ecosystem integration, and create sustainable value for shareholders." It also stated that it will run validator nodes to support Solana and earn staking rewards.

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

BIT Mining's shares rose nearly 150% on Thursday after the news before falling 14% after the close.

SOL rose above the 100-day SMA and the 50-day EMA to the barrier of $163, which is reinforced by the 200-day SMA.

A rise above $163 would confirm an inverted Head and Shoulders pattern, which could push its price up 12% to $183, #WalletConnect #WCT @WalletConnect