The crypto market entered June on a bullish note as the Bitcoin price projected sustainability above $103,000. This reversal bolstered the majority of major altcoins, including SOL, to secure a suitable pullback support. The Solana price gained further momentum as publicly traded company Crossover holdings is investing heavily in this cryptocurrency, aiming to build a SOL-focused treasury
Crossover Holdings Bets Big on Solana
Classover Holdings (KIDZ), a Nasdaq-listed company that provides online education, has recently announced its high-stakes bet on Solana (SOL). The company secured $500 million in convertible notes, aimed at building an SOL-focused treasury.
An agreement with Solana Growth Ventures LLC begins with an initial $11 million funding round. Classover plans to allocate 80% of the net proceeds from the notes directly into the purchase of SOL coins.
This move complements the company’s previous announcement of a $400M equity purchase agreement, raising the company’s potential financing capacity to $900M and its dedication to investing in SOL.
Ms. Luo, Chief Executive Officer of Classover Holdings, stated, “This agreement marks a significant milestone in the company’s state bound to build a SOL-based treasury reserve. By entering into this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain-aligned financial strategy and positioning itself among the first publicly traded companies to directly integrate SOL into its treasury operations.”
These institutional adoptions should bolster Solana’s demand pressure and drive a higher recovery rally.
Solana Price Eyes Bullish Rebound Amid Reversal Pattern
In the last two weeks, the Solana price showed a bearish pullback from $187 to $161, registering a loss of 19%. The declining price breached below the 100- and 200-day exponential moving average, signaling a risk of a further correction.
However, the altcoin market witnessed a renewed relief rally as Bitcoin showed sustainability above $103,000. Following this sentiment, the SOL price bounced back from $155 and reclaimed the aforementioned EMAs.
If the daily closes above these EMAs, the buyers could drive a $17.35 surge and challenge the $188.4 neckline of the inverted head and shoulder pattern. This well-known reversal pattern consists of three troughs: a middle one called the head and two shallow dips surrounding it called shoulders.
If the pattern holds true, the buyers could breach the overhead trendline as a signal of trend reversal. The post-breakout rally could push the asset past $220 resistance and hit $276.
On the other hand, if sellers force a breakdown below the $155 floor in coming weeks, the SOL price could extend a prolonged correction.
Also Read: Australia Introduces New Crypto ATM Rules Amid Rising Scams
