Solana News: Classover Holdings Commits $400M to SOL Treasury Strategy
- Solana news: Classover Holdings commits $400M to build a Solana treasury reserve.
- SOL Strategies exits Bitcoin to strengthen its Solana-focused investment plan.
- DeFi Corp launches dfdvSOL token, expanding Solana’s DeFi ecosystem reach.
As a significant event for Solana, Classover Holdings (KIDZ), which is listed on the Nasdaq, has agreed with Solana Growth Ventures to issue up to $500 million in senior convertible notes.
The press release states that most of the funds, about $400 million, will be put into a SOL treasury reserve, provided terms and conditions are met.
This news comes after Classover shared in May that it had signed an equity purchase agreement for $400 million, leading to its total expected financing of $900 million. Stephanie Luo, Classover’s CEO, presented this as key progress toward the Solana treasury initiative.
Solana News Update: Firms Increasing SOL Allocations
More institutions are backing Solana, which is helping to grow the news narrative about it. Classover recently set up its treasury by spending 6,472 SOL worth roughly $1.05 million. It was also announced that the company is planning to purchase discounted locked SOL, continuing to strengthen its ongoing position in the Solana network.
Therefore, Classover is now listed among several companies securing Solana as a significant treasury asset, including SOL Strategies and DeFi Development Corporation, which are making significant SOL acquisitions too.
By making a daring move, SOL Strategies (HODL) recently sold its entire Bitcoin (BTC) holding and bought Solana instead. It was revealed that Circle added 26,478 SOL to its holdings for $4.7 million, which raised its total to 420,355 SOL.
SOL Strategies is now the second-largest company with Solana after DeFi Development Corporation, which owns over 600,000 SOL.
As Solana gains importance in decentralized finance, DeFi Development Corporation is now offering a liquid staking token (LST) known as dfdvSOL. The token stands for users’ locked SOL and also provides users with liquidity options in DeFi.
The decision to join forces with Kamino Finance may help DeFi Development Corporation’s token get adopted faster.
Kamino will add dfdvSOL to its lending and borrowing platforms, making it possible for users to participate in the market and support Solana’s price movement. This is another achievement for the Solana ecosystem, as it expands what DeFi can do on the network.
SOL Price Analysis: Technical Breakdown Suggests Near-Term Pressure
During this rise in news about Solana, specific technical pointers point to a risky brief outlook for the token. While writing, Solana (SOL) was valued at $152.26, reflecting a drop of arounud 2.5% intraday.
A Rising Wedge pattern is visible on the daily chart, which recently broke lower, meaning the chart may be considered bearish. According to the wedge breakdown, the projected target is around $140, and this price is now an essential support for the crypto. The price might fall if the present price levels are not upheld, putting SOL inside this price range.
The Awesome Oscillator (AO) is showing -9.08 at the moment, and histogram bars are appearing in red. It means that the bearish trend is gathering more strength. As long as this indicator stays in place, more declines might happen.
Besides, Stochastic RSI is in oversold territory, showing a %K reading of 2.96 and a %D reading of 3.45. Even so, no real indication of a bullish crossover has appeared yet.
There is no upward pressure on the oscillating, which agrees with the broad weakness indicated by the chart.
Recently, Solana has had difficulty getting past the $170 resistance zone. After the wedge broke, the volume grew smaller, which shows that bullish sentiment diminished.
A drop in prices might happen quickly unless volume increases sustainably. It would take a steady move above the $165–$170 area for bullish momentum to return.
