Tom Lee has slowed Bitmine ETH purchases after the firm amassed over 5.2 million tokens and 4.3% of Ethereum’s supply.

Bitmine Immersion Technologies (BMNR) bought 26,659 ETH last week worth roughly $63 million, sharply down from the more than 100,000 ETH it had been acquiring each week for months. The purchase lifted total holdings to over 5.2 million ETH, worth approximately $12.1 billion, making Bitmine the world’s largest Ethereum treasury company.

Chairman Tom Lee said the firm had deliberately reduced its pace. “We have decided to slow down our pace of weekly accumulation from over 100,000 per week,” he said. “Our previous pace of buys would have us reach 5% by mid-July.”

Why Bitmine is pulling back on purchases

Bitmine originally expected to reach its 5% Ethereum supply target in late 2026. The aggressive accumulation pace shortened that timeline to weeks, prompting a reassessment. The company now holds 4.31% of Ethereum’s circulating supply of approximately 120.7 million ETH.

Lee reiterated his view that “crypto spring” has begun, pointing to Ethereum’s recent price recovery. “If ETH closes above $2,100 at the end of May, this would be the third consecutive monthly gain. This has never been seen in a crypto bear market,” he said.

Since the start of 2026, Bitmine has acquired more than 1 million ETH. Its total crypto, cash, and equity holdings stood at $13.4 billion as of May 10, including 201 Bitcoin, a $200 million stake in Beast Industries, and $775 million in cash.

Staking strategy and what comes next

Bitmine has staked 4,712,917 ETH, representing more than 90% of its total holdings and generating an estimated $319 million in annualised staking rewards based on a 2.86% seven-day yield. That makes it the largest ETH staker of any public company globally.

The company’s MAVAN staking platform, launched earlier in 2026, is being positioned to serve institutional clients alongside Bitmine’s own treasury operations.

Lee said Ethereum’s two primary drivers going forward are Wall Street’s move to tokenization and the rise of agentic AI systems relying on public blockchains for payments and verification.

France-listed Bitcoin treasury company Capital B raised 15.2 million euros ($17.8 million) from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM as it seeks to expand its BTC treasury.

The new capital was raised through a private placement of shares, with four share subscription warrants attached to each share at a fixed price of $0.78, the company said Monday.

The company said the proceeds, together with ongoing operations, could allow it to acquire another 182 Bitcoin, potentially lifting its total holdings to 3,125 BTC.

If all warrants issued in connection with the transaction were exercised, Capital B could raise an additional $116.5 million through the issuance of about 92 million additional shares, wrote Alexandre Laizet, the board director of Bitcoin strategy at Capital B.

The raise shows Capital B is still pursuing Bitcoin accumulation while parts of the corporate Bitcoin treasury sector are taking a more defensive posture, including hedging programs, debt reduction and asset sales after months of weaker market conditions.

The company’s latest raise comes a week after Capital B raised $1.3 million from Adam Back to accelerate its Bitcoin treasury strategy.

Capital B raises $17.8 million from Adam Back and TOBAM. Source: Capital B

Capital B shares rise after capital raise

Capital B shares rose around 4.3% after the announcement on Monday and traded around 0.67 euros ($0.79) at the time of writing.

The company’s shares are down by around 11% year-to-date, data from Yahoo Finance shows.

Capital B shares, 24-hour chart, in euros. Source: Yahoo Finance

Capital B is currently the 25th-largest Bitcoin treasury firm, holding 2,943 BTC, worth about $237 million. It ranks as Europe’s second-largest Bitcoin treasury following Germany’s Bitcoin Group SE, according to Bitcointreasuries data.

Related: Adam Back says Bitcoin’s post-quantum shift may reveal true Satoshi stash 

On April 20, Michael Saylor’s Strategy raised an additional $2.5 billion from the issuance of Stretch (STRC) and the sales of Class A common stock (MSTR). On April 23, XCE raised $794,000 of capital in a round backed by Adam Back.

Barring these raises, no other Bitcoin treasury companies have publicly announced a capital raise during the past six weeks. However, some companies are looking to hedge against the downside risk of the bear market.

On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced an actively managed Bitcoin derivatives program seeking to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure. A month earlier, the company announced the sale of 284 Bitcoin (worth about $20 million at the time), in a March 30 filing with the US Securities and Exchange Commission.

Earlier in February, Bitcoin treasury company Genius Group said it sold its remaining treasury holdings of 84 BTC for about $5.7 million, which it used toward repaying an $8.5 million debt obligation, according to an SEC filing.  

Magazine: Bitcoin vs. the quantum computer threat — Timeline and solutions (2025–2035)  

Key Takeaways

• HIMS tumbles in after-hours trading as expanding Q1 losses eclipse revenue gains.
• Growing subscriber base provides support, but profitability concerns weigh heavily on sentiment.
• Company outlook indicates continued expansion, though margin compression maintains downward pressure.
• Extended-hours selling intensifies as HIMS swings from prior-year profit to significant loss.
• GLP-1 product expansion offers growth potential while earnings challenges push stock downward.

Shares of Hims & Hers Health (HIMS) tumbled during extended trading hours despite the digital health platform delivering increased first-quarter revenue. The stock finished regular trading at $29.14, posting a 3.08% gain, before plummeting 9.75% to $26.30 following the earnings announcement. The after-hours decline reflected investor concerns over deteriorating profitability, margin compression, and a dramatic earnings reversal compared to the previous year.

Hims & Hers Health, Inc., HIMS

Top-Line Gains Cannot Mask Profitability Concerns

Hims & Hers delivered first-quarter revenue totaling $608.1 million, representing a 4% increase from $586.0 million in the comparable period last year. The uptick demonstrated persistent consumer demand for its telehealth offerings. Nevertheless, this incremental growth proved insufficient to alleviate investor worries about deteriorating bottom-line performance.

Gross profit margin contracted significantly to 65% from 73% recorded in the year-ago quarter. This compression reflected escalating operational expenses tied to the company’s broadening service offerings. The margin deterioration also raised questions about earnings sustainability despite growing revenue volumes.

The company reported a net loss of $92.1 million for the quarter. This marked a stark reversal from net income of $49.5 million achieved in the same quarter last year. Adjusted EBITDA similarly declined to $44.3 million from $91.1 million.

Customer Base Expands While Domestic Revenue Softens

Hims & Hers concluded the quarter with approximately 2.6 million subscribers on its platform. This represented a 9% year-over-year increase from 2.37 million subscribers. The expanding customer base strengthened the foundation for delivering customized healthcare solutions.

Average monthly revenue per subscriber decreased to $80 from $85 in the prior-year period. This 6% reduction indicated challenges in extracting higher value from existing customers. The decline partially negated the positive impact of adding new subscribers.

Domestic revenue contracted 8% to $529.9 million during the quarter. Conversely, international revenue surged to $78.2 million compared to just $7.3 million previously. This substantial overseas expansion provided crucial support for consolidated revenue amid weakening U.S. performance.

Forward Guidance Shows Growth Ambitions Amid Margin Challenges

Management provided second-quarter revenue guidance ranging from $680 million to $700 million. The company also projected adjusted EBITDA between $35 million and $55 million. This forecast translates to an EBITDA margin of approximately 5% to 8%.

For the complete 2026 fiscal year, Hims & Hers anticipates revenue between $2.8 billion and $3.0 billion. Full-year adjusted EBITDA is expected to fall within a range of $275 million to $350 million. These projections exclude any potential contributions from the pending Eucalyptus acquisition.

The organization continues investing in branded GLP-1 offerings and additional care verticals. Management also announced a transition from quarterly to annual shareholder communications. Despite these strategic initiatives, the sharp after-hours decline demonstrated that investors remain focused on margin weakness and earnings inconsistency as primary concerns for HIMS stock.

With lawmakers on the US Senate Banking Committee set to consider a markup on a cryptocurrency market structure bill this week, some Democrats are holding the line — and potentially their votes — on ethics provisions.

The Digital Asset Market Clarity Act (CLARITY), passed by the US House of Representatives in July 2025, is scheduled for a markup in the Banking Committee on Thursday after months of delays due to concerns about language on stablecoin yield, tokenized equities, ethics and more issues related to the crypto industry.

Although the Senate Agriculture Committee passed its version of the bill in a January markup, the legislation must pass through both panels to address different aspects of securities and commodities laws.

“Negotiations continue to be positive, and I remain confident we can get a bipartisan bill over the finish line this Congress,” Senator Kirsten Gillibrand told Cointelegraph. “Americans deserve a well-regulated market with strong consumer protections and real ethics reforms so politicians can’t cash in on their insider status for personal gain.”

Earlier this month, Senators Thom Tillis and Angela Alsobrooks, both of whom sit on the banking committee, announced a compromise deal on stablecoin yield that could allow the CLARITY Act to move forward after months of delays. However, New York’s Gillibrand said that even if the bill were to pass the banking committee, her fellow Democrats would not vote in favor of CLARITY without an ethics provision to deal with potential conflicts of interest by members of Congress, elected officials and the US President and Vice President.

Prediction market sentiment on CLARITY Act passage. Source: Polymarket

Related: 7 Democrats seen as ‘key’ to advancing CLARITY Act: Galaxy

Even before taking office in January 2025, US President Donald Trump had close ties to the industry, through the launch of his memecoin Official Trump (TRUMP) and his family’s crypto business, World Liberty Financial. Forbes reported that the president’s personal fortune had increased by about $1.2 billion as of July 2025 due to his crypto ventures. 

Full steam ahead for some Republican lawmakers

Senator Tim Scott, the Republican who chairs the banking committee, said that concerns about the president’s crypto ties were outside the body’s purview for markup and needed to be addressed by the ethics committee before any potential floor vote in the chamber. Tillis, also a Republican, said in April that he would not support any bill without “a bipartisan agreement when it comes to the ethics provision.”

Cynthia Lummis, Wyoming’s junior senator who has led the charge on the bill in the Senate and will be retiring in 2027, has urged lawmakers to vote for CLARITY on Thursday.

Source: Cynthia Lummis

“I’m hopeful, given that there seems to be so much momentum from the Democrats, from the Republicans saying ‘hey, we’re ready to get a deal to get this done’ that they can resolve ethics and that it won’t hold this up,” Cody Carbone, CEO of crypto advocacy organization The Digital Chamber, told Cointelegraph. “Ethics has to be tackled on the floor, it’s not within the jurisdiction of the Senate Banking Committee, so I don’t expect it to hold up the markup.”

Even if the bill were to advance in the banking committee and get the 60 votes needed to pass in the Senate, CLARITY would likely need to return to the House for both chambers to pass a reconciled version before it could go to Trump’s desk to potentially be signed into law.

Magazine: Strategy reveals why they would sell BTC, Trump Media posts loss: Hodler’s Digest, May 3 – 9

Shares of stablecoin issuer Circle surged Monday after the company reported mostly upbeat earnings and disclosed that a major crypto venture capital fund had purchased $222 million worth of its blockchain tokens.

Circle’s shares rose almost 16% to close at $131.76, its highest level since March 18, according to Yahoo Finance. CRCL stock gave back some of its gains in initial after-hours activity.

The gain extends Circle’s strong run in 2026. Shares are now up 66% year to date, giving the company a market capitalization of roughly $35 billion.

Circle (CRCL) stock. Source: Yahoo Finance

Monday’s surge pushed Circle shares closer to Wall Street’s consensus price target of $138.50, according to TipRanks.

Among the most bullish analysts is Peter Christiansen of Citigroup, who has a 12-month price target of $243. Gautam Chhugani of Bernstein has set a target of $190. Both analysts, along with 10 others tracked by TipRanks, rate the stock a “buy.”

Related: Circle stock sinks 10% amid analyst downgrade, Drift Protocol probe

Strong earnings and Arc token raise stoke optimism

Circle’s rally was driven by a largely upbeat earnings report and fresh details about its expanding blockchain strategy.

The company said its USDC stablecoin reached $77 billion in circulation at the end of the first quarter, up 28% from a year earlier. Only Tether’s USDt has a larger circulating value, at $189 billion.

During the first quarter, Circle’s revenue rose 20% to $694 million, while adjusted earnings increased 24% to $151 million.

Circle’s key financial metrics for Q1 2026. Source: Circle

In its earnings report, Circle also disclosed that it raised $222 million in a presale of its ARC token, a blockchain-based utility token designed to support transactions within its Arc network. The fundraising valued the project at $3 billion.

“The successful adoption of the Arc network, including through the benefit of the ARC token, has a huge flywheel effect onto our stablecoin network and our digital assets,” Circle CEO and co-founder Jeremy Allaire told analysts on the company’s earnings call on Monday.

Investors in the round included a16z Crypto and a consortium featuring BlackRock, Apollo Global Management and ARK Invest. 

Analysts said the results reinforced Circle’s leadership in the fast-growing stablecoin market.

Andrew Jeffrey of William Blair told clients that Circle shares “will probably remain volatile” in the near term, but said the company has multiple positive catalysts driven by its “significant stablecoin commerce advantage.”

Dan Dolev of Mizuho said Circle continues to demonstrate new use cases for stablecoins, broadening the technology’s role beyond crypto trading.

Related: Crypto Biz: Wall Street wants more than just Bitcoin

The Digital Asset Market Clarity Act (CLARITY Act) faces a pivotal juncture as a markup vote approaches in the U.S. Senate. Galaxy Digital, a crypto investment firm, argues that seven Democrats on the Senate Banking Committee could be decisive in clearing the bill for passage, signaling a potential shift in the long-running effort to establish a federal framework for crypto activities. The firm’s analysis, shared via a post on X, assigns Ruben Gallego and Angela Alsobrooks as constructive/pro-framework voices, with four other lawmakers positioned as deal-makers and one categorized as mixed. If a sufficient bloc of Democrats votes in favor at markup, Galaxy Digital contends the likelihood of eventual Senate passage rises meaningfully.

In its assessment, Galaxy Digital highlights certain Democrats as more amenable to the framework and notes that others remain cautious or resistant. The firm specifically identifies Mark Warner, Catherine Cortez Masto, Andy Kim and Raphael Warnock as “deal-maker/conditional,” indicating support contingent on assurances around stronger safeguards against illicit finance and money laundering risks. Lisa Blunt Rochester is labeled “mixed,” suggesting potential swing voting behavior. The analysis underscores that any path forward hinges on a broader coalition within the chamber.

Passing the CLARITY Act would, in theory, yield clearer federal rules for the U.S. crypto industry, potentially reducing years of regulatory uncertainty and encouraging more projects to establish operations domestically. The move is widely viewed as a means to harmonize oversight across agencies and provide a comprehensive statutory baseline for cryptoassets, exchange activities, and related financial instruments. According to Cointelegraph, the policy conversation remains deeply entwined with concerns about consumer protections, anti-money laundering (AML) measures, and the treatment of stablecoins and decentralized finance in a regulated regime.

The markup outlook has been complicated by shifting political dynamics and past hesitations among lawmakers. The CLARITY Act was introduced in July 2025 but stalled in January after Coinbase withdrew its support, citing concerns over protections for open-source software developers, a prohibition on stablecoin yields, and broader DeFi regulation gaps. The latest timing places the bill on track for consideration by the committee this week, with the prospect of a broader Senate debate and potential amendments before any floor vote. The committee’s 24 members—comprising 13 Republicans and 11 Democrats—must approve the measure by a simple majority to advance it to the Senate floor.

Key takeaways

• The CLARITY Act is nearing a Senate Banking Committee markup, with Galaxy Digital identifying seven Democratic lawmakers as pivotal to advancing the bill.
• Democratic positions vary, with several labeled as deal-makers or mixed; a solid cross-party coalition will be required to reach a floor vote.
• Past developments include Coinbase withdrawing support in January over concerns related to open-source software protections, stablecoin yields, and DeFi regulation — a factor shaping current expectations.
• Industry and policy signals indicate that achieving a 60-vote threshold in the Senate will require notable bipartisan alignment and robust AML/KYC safeguards.

Political dynamics shaping CLARITY Act markup

The upcoming markup is framed as a test of whether a core group of Democrats can align with like-minded Republicans to push a comprehensive crypto-regulatory framework through the Senate. Galaxy Digital’s brief, which emphasizes the “deal-maker” and “mixed” classifications among committee members, reflects the nuanced vote calculus that characterizes current U.S. policy debates on digital assets. Notably, the classification of seven Democrats as key to moving the bill suggests that individual votes and cross-party negotiations may determine whether the bill moves beyond committee stage.

Among the lawmakers highlighted by Galaxy Digital, Mark Warner, Catherine Cortez Masto, Andy Kim and Raphael Warnock are described as “deal-maker/conditional.” That labeling implies a readiness to support the framework if certain protections and regulatory guardrails are satisfied. Lisa Blunt Rochester is identified as “mixed,” potentially serving as a swing vote depending on the committee’s framing of enforcement, innovation incentives, and consumer protections. The dynamics among these members will influence the committee’s overall stance and the likelihood of advancing the bill on Thursday.

According to Stand With Crypto, a platform that tracks lawmakers’ crypto positions, Warner, Cortez Masto and Alsobrooks are considered strongly supportive of crypto policy, while Kim is viewed as neutral. Reed, Warren, and Smith are ranked as strongly opposed to crypto policy, with other committee members lacking sufficient data to determine a stance. These rankings illustrate the spectrum of positions that lawmakers bring to the markup and the potential friction points that could hinder broad-based support.

Regulatory context and policy implications

The CLARITY Act seeks to establish a clear federal framework governing the classification and treatment of digital assets, with implications for exchanges, issuers, investors, and financial institutions. A central objective is to reduce ambiguity that has historically fed regulatory uncertainty and dispersed state-level approaches. The bill’s passage would interact with other regulatory considerations, including existing guidance from the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ), and the Financial Crimes Enforcement Network (FinCEN). It would also influence how stablecoins are integrated into banking relationships and payment systems, an issue that has drawn scrutiny from policymakers and regulators alike.

In this policy ecosystem, the CLARITY Act’s alignment with AML/KYC standards and its approach to licensing and regulatory oversight carry practical consequences for crypto firms, exchanges, and traditional financial institutions seeking to provide on-ramps and custody services. If enacted, the Act could shape ongoing cross-border regulatory alignment, particularly in relation to the European Union’s MiCA framework and other international regimes, as firms evaluate whether a U.S. market presence aligns with global compliance requirements.

Notably, the Act’s proponents have stressed the importance of stronger safeguards against illicit finance, consistent with broader regulatory reform objectives. The bill’s proponents and industry observers alike will be watching how provisions around open-source software protections, user data, and governance of decentralized products are addressed in committee discussions and potential amendments. The balance between fostering innovation and ensuring robust risk controls remains a central theme of the regulatory conversation.

Industry responses and compliance implications

Industry voices have emphasized the need for a stable, predictable regulatory environment that can support responsible innovation while imposing necessary safeguards. Coinbase’s position, as articulated by Kara Calvert, the company’s vice president of US policy, has framed the markup as a test of the bill’s feasibility within the Senate. Calvert indicated that passage may require a minimum threshold of bipartisan votes, highlighting the practical reality that broad-based support is essential for enacting legislation with wide-reaching implications for the crypto sector. This viewpoint aligns with the broader industry emphasis on legal protections for developers, transparent governance, and a clear path to licensing and supervision for crypto businesses.

From a compliance perspective, the CLARITY Act would interact with existing AML/KYC obligations, anti-fraud provisions, and cross-border enforcement frameworks. As lawmakers weigh the bill, institutions will consider how any federal standard would interact with ongoing supervisory expectations, including reporting requirements, transaction monitoring, and risk-based compliance programs. The potential for a unified federal standard could reduce fragmentation across states and regulatory agencies, potentially simplifying governance for multinational firms while increasing scrutiny in areas related to consumer protection and market integrity.

Market participants and policymakers will also be attentive to the stalled January episode, when Coinbase withdrew support due to concerns about protections for open-source software developers and the treatment of stablecoins and DeFi. The reversal of previous support underscores the ongoing tradeoffs between innovation incentives and risk controls that any comprehensive regulatory framework must navigate. As markup approaches, stakeholders will be assessing whether the Act addresses those concerns in a manner that satisfies both the industry’s operational needs and regulators’ risk-mitigation priorities.

Historical backdrop and current status

The CLARITY Act, introduced in mid-2025, has been the subject of intense policy debate. Its trajectory stalled in January following Coinbase’s withdrawal of support, a development that reflected deeper concerns about the balance of protections for developers, stablecoin regulation, and the scope of DeFi governance within a federal framework. With Thursday’s markup on the horizon, proponents seek to establish a pathway to full Senate consideration and a potential floor vote, while opponents stress the need for further refinements to ensure a robust, enforceable regime.

Industry observers, including policy professionals and advocacy groups, have underscored that successful passage will depend on securing bipartisan backing and addressing open questions about open-source software protections, stablecoin yields, and decentralized finance regulation. As the bill moves through committee, attention will focus on amendments that clarify these areas and on how the proposed framework interfaces with existing regulatory authorities and enforcement priorities.

For context, observers have noted that the regulatory discourse around crypto in the United States remains closely tied to broader policy objectives, including consumer protection, financial stability, and the integrity of the financial system. The CLARITY Act represents an attempt to codify a unified approach to digital assets, with potential ripple effects across licensing, banking partnerships, and cross-border activity. Industry participants, lawmakers, and compliance professionals will closely monitor how markup outcomes influence the broader regulatory landscape in the near term.

Closing perspective

As the CLARITY Act advances toward markup, the central question is whether a coalition sufficiently broad to secure a Senate floor vote can emerge. The coming days will reveal how lawmakers balance innovation incentives with risk controls, and how the bill’s provisions align with ongoing regulatory priorities both domestically and in the global policy environment. In the near term, institutions should prepare for potential shifts in the regulatory baseline that could affect licensing requirements, supervisory expectations, and compliance workflows across the crypto sector.

Solana’s spot SOL exchange-traded funds are delivering their strongest weekly performance since February, drawing in roughly $39.23 million in net new money, according to SoSoValue data. The inflow surge comes as SOL futures open interest jumps by about $1.5 billion in May, signaling a broad uptick in trader positioning across the derivatives market. The price move mirrors the flow data, with SOL climbing around 15% over the past seven days to the high-$90s, as traders target a key resistance around $120.

Key takeaways

• BSOL leads ETF inflows: Bitwise’s BSOL attracted about $36 million in the latest weekly period, while Fidelity’s FSOL added roughly $1.8 million.
• BSOL’s dominance and scale: Since launch, BSOL has drawn $861 million in inflows, representing about 81% of the total cumulative inflows across all spot SOL ETFs, which stand near $1.06 billion combined.
• Derivatives activity climbs: SOL futures open interest rose to around $6.4 billion, up from about $4.94 billion on May 1, a rise of roughly 29.5% in under two weeks.
• Momentum in spot and futures delta: Aggregated spot cumulative volume delta approached $250 million from about $163 million in five days, as SOL’s price pushed toward $96; futures CVD reached approximately $593.6 million after a steady rise since May 5.
• Funding and price setup: The funding rate hovered near 0.065%, indicating continued long exposure, while the chart setup points to a possible breakout toward $120 if SOL sustains above $95 and completes a formation known as an Adam and Eve pattern.

Solana’s ETF demand aligns with rising futures positioning

SoSoValue data shows a clear tilt of capital toward SOL ETFs, led by BSOL’s notable weekly inflows of about $36 million. Fidelity’s FSOL added just over $1.8 million, contributing to the broader trend of investor appetite for spot exposure in SOL. Since its inception, BSOL has amassed roughly $861 million in net inflows, accounting for nearly four-fifths of the cumulative inflows across all spot SOL ETFs, which total around $1.06 billion.

Interest in futures markets has tracked the ETF momentum. Open interest across SOL futures climbed to roughly $6.4 billion, up from $4.94 billion on May 1, a rise of about 29.5% in less than two weeks, according to CoinGlass data. This buildup indicates traders are widening their positions and hedging activity across both spot and derivatives markets as Solana’s price moves higher.

In parallel, spot market dynamics reflected by the aggregated CVD metric showed a surge, with a five-day delta approaching $250 million, up from $163 million. Futures CVD also rose, crossing about $593.6 million as buyers absorbed liquidity on the bid and bid-ask fronts in both spot and futures markets. The funding rate maintained a modest level near 0.065%, suggesting long exposure remains prevalent among market participants.

These data points come as Solana’s price rallied roughly 15% over the past week, stabilizing near the $97 level. The near-term resistance around $120 remains the focal point for bulls, with traders monitoring the price action for a sustained breakout above recent consolidation.

For context, the broader technical backdrop has grown more constructive. Solana closed above its 100-day exponential moving average for the first time since October 2025, adding a notable bullish swing to the mix of ETF inflows and rising futures positioning. If SOL can confirm a daily close above the $95 breakout zone and maintain consolidation, the chart suggests room toward the $120 target given the lack of major resistance between these levels following the February dip.

Analysts have also highlighted improving relative strength against Bitcoin. Crypto analyst BATMAN noted that SOL recently broke above a 231-day downtrend on the SOL/BTC chart, signaling better relative performance. He pointed to the $89–$91 zone as a nearby support cluster and suggested it could become a retest area if SOL holds above the breakout zone. This assessment aligns with the broader view that a sustained move above $95 could unlock the next leg higher toward the $120 zone, albeit with the usual cautions around macro conditions and market sentiment.

Overall, Solana’s recent dynamics point to a developing balance between ETF-driven buying, rising derivatives activity, and a technical setup that could propel SOL toward a key resistance milestone. The combination of record-level ETF inflows, growing Open Interest, and constructive price action suggests a potentially meaningful shift for Solana if the current momentum persists.

Meanwhile, February’s notable drawdown—around 42%—is fresh in the market memory, underscoring the need for sustained demand and a favorable risk environment to validate the breakout path. Investors will be watching closely for follow-through in the coming sessions, particularly how SOL behaves around the $95 breakout level and whether the market can maintain the pace of inflows and higher open interest without triggering a renewed period of volatility.