Solana Gains 14% After MOGU’s $20M Allocation to Cryptocurrencies

Solana's (SOL) price increased by 2% on Thursday, reaching above $228 for the first time since February 2025. This rise is attributed to new capital inflows from the China-based fashion brand MOGU, which approved up to $20 million allocations into digital currencies such as Bitcoin, Ethereum, and Solana.

MOGU's move reflects the growing trend of corporate crypto adoption globally.
Safety Shot (SHOT), a Nasdaq-listed firm, launched BONK Holdings LLC, adding $5M in Solana's memecoin to its treasury.
Solana registered a 14% gain over four days amidst these developments.

The Solana daily chart indicates a bullish trend with a golden cross signal; the 5-day moving average surpasses the 8-day and 13-day averages. The Relative Strength Index (RSI) near 65 suggests potential for further gains without immediate overbought conditions.

Currently trading at $226, Solana has initial support around $217. If SOL maintains above $220, the next targets are $240 and potentially $250. Failing to hold at $217 could shift momentum towards $208.

As institutional demand for Solana rises, projects like SUBBD ($SUBBD) are gaining traction. SUBBD, an AI-powered content platform, has raised $1.23 million in its presale, nearing its $1.34 million target.