NewGenIvf’s $30M Solana staking investment joins public firms backing SOL, as price tests $180 resistance with whale activity rising.
NewGenIvf Group Limited (NASDAQ: NIVF), an Asia-based fertility services provider, has unveiled plans to invest $30 million in Solana staking, expanding its digital asset strategy following a $1 million Bitcoin investment in December 2024.
The investment will be financed through existing credit facilities: $26 million from ATW and $100 million from White Lion. NewGen’s leadership emphasized that this move reflects increasing confidence in blockchain assets and decentralized finance, with plans to establish a dedicated subsidiary for digital asset operations.
NewGen’s $30 Million Solana Staking Plan
NewGen aims to strengthen its digital asset presence by allocating the $30 million to stake Solana (SOL). CEO Siu Wing Fung Alfred stated,
“This investment is a natural progression of our digital asset strategy, positioning us strategically in the growing digital assets sector.” He noted that staking SOL will generate shareholder value and diversify the company’s portfolio.
The company plans to create a subsidiary focused on blockchain activities, enhancing operational focus and strategic flexibility in the dynamic digital asset market.
Solana’s Role in the Strategy
Solana stands out as a leading blockchain platform due to its high-speed transactions, scalability, and expanding ecosystem of decentralized applications. Staking SOL allows investors to earn rewards while supporting the network’s security and decentralization.
NewGen joins other public companies adopting Solana, such as Upexi ($100 million), Janover ($42 million), and Classover Holdings (up to $500 million), which have pursued similar token and staking strategies.
Canada’s SOL Strategies Inc. has also filed a $1 billion shelf prospectus to support Solana-related initiatives, engaging in validator operations, tokenization, and staking for deeper blockchain involvement.
Solana (SOL) is currently priced at $152.59, with a market cap of $79.71 billion, though it has declined 18% over the past ten days, sparking trader concerns.
Solana Whale Transfer Sparks Price Concerns
A whale recently transferred 2.8 million SOL, valued at $441 million, to a Binance cold wallet from an address funded by Binance three years ago, fueling speculation about potential sell-offs.
While the transfer to a cold wallet may not indicate an immediate sale, it has created short-term price uncertainty. Crypto analysts Morecryptoon suggest a bearish outlook, noting that the 1-hour SOL/USD chart indicates a corrective phase. Per their Elliott Wave analysis, Wave 1 likely peaked around $153, with the price now in Wave 2, a temporary counter-trend.
The current bounce tests Fibonacci retracement levels at $157.09 (23.6%) and $161.95 (38.2%), with resistance between $161.95 and $169.76 and further at $173.26. A break above $170 could negate the bearish pattern, signaling upward momentum.
If SOL fails to hold above these resistance levels, analysts predict a potential Wave 3 decline, with bearish targets between $143.51 and $122.77 and the strongest support zone at $132 to $122.
