Solana (SOL) Price Prediction: BIT Mining Plans to Raise $300 Million in Reserves, SOL Expected to Challenge $183

Solana (SOL) follows the upward trend of the market, currently reported at 165.03 USD today (11th). The crypto mining company BIT Mining announced plans to raise 300 million USD for SOL reserves. The company intends to convert its current crypto assets into SOL to strengthen its new reserves. If SOL validates the inverted H&S pattern, its price could pump to 183 USD.

BIT Mining holds SOL bond rights

BIT Mining, listed on the New York Stock Exchange, announced plans to raise $200 million to $300 million in phases to establish a Solana vault.

As part of a new transformation, the company plans to convert its current Crypto Assets holdings into Solana, but did not specify its current reserve amount.

BIT Mining CEO Xianfeng Yang stated at a press conference on Thursday: "We are excited to take this bold step into what we believe is one of the most vibrant and promising ecosystems in the blockchain space."

BIT Mining claims that its goal is to leverage Solana's infrastructure and the growing developer community to "drive innovation, enhance ecosystem integration, and create sustainable shareholder value." It also shares its intention to operate validator nodes to support the Solana network and earn staking rewards.

This move allows BIT Mining to be on par with other companies that have shifted their funding plans towards SOL, similar to Strategy's (formerly MicroStrategy) funding accumulation strategy for Bitcoin. Companies that have established Solana funds in recent months include Classover Holdings, SOL Strategies, DeFi Development Corporation, and Upexi.

SOL Price Analysis

FXStreet analyst Michael Ebiekutan stated that SOL has risen above the 100-day simple moving average (SMA) and the 50-day exponential moving average (EMA), climbing towards the resistance level of $163, with the 200-day SMA reinforcing this resistance level.

If it breaks through 163 USD, it will confirm the head and shoulders pattern (H&S), which may cause its price to pump more than 12%, approaching the next key resistance level of 183 USD. If it falls below 163 USD, it may retrace to 142 USD.

The Relative Strength Index (RSI) is above the neutral level, while the Stochastic Oscillator (Stoch) is in the overbought region. This indicates that bullish momentum is dominant, but due to the Stoch indicator being overbought, a pullback may occur in the short term.

A daily K-line closing price below the 100-day SMA will invalidate the bullish argument.

(Source: Trading View)