TLDR
- Fitell Corporation bought 216.8 million PUMP tokens worth $1.5 million for its Solana treasury
- The Nasdaq-listed company already holds $10 million in SOL and plans to rename itself Solana Australia Corporation
- PUMP price increased 36% this week to $0.0068 with market cap reaching $2.5 billion
- Technical analysis shows bullish signals with CMF above zero and MACD approaching positive crossover
- Token targets resistance at $0.0077 on path toward all-time high of $0.0090
Australian company Fitell Corporation purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed firm is building a Solana-focused digital asset treasury.
Fitell already owns $10 million worth of SOL tokens. At current prices around $203.27, this equals approximately 49,200 SOL. The PUMP purchase expands rather than replaces these holdings.
PUMP powers Pump.fun, a memecoin launchpad on Solana. The platform recently generated more daily revenue than Hyperliquid, demonstrating strong ecosystem growth.
The company secured a $100 million convertible debt facility to fund its crypto acquisitions. This facility covered the initial SOL purchase and now supports PUMP diversification.
Stock Reaction and Company Transformation
Fitell’s market cap stands at just $6.8 million. The $1.5 million token purchase represents a large allocation relative to company size.
Investors responded cautiously to the news. Fitell’s stock fell 8.31% to $5.52 following the announcement.
The company is shifting from fitness equipment retail to crypto treasury operations. Management plans to deploy SOL and PUMP holdings in structured yield products.
Fitell will rebrand as Solana Australia Corporation. The name change reflects its new strategic direction focused on Solana assets.
Other firms are pursuing similar strategies. VisionSys launched a $2 billion Solana treasury, showing growing institutional appetite for the ecosystem.
PUMP Price Analysis and Market Performance
PUMP gained 36% over seven days. The token currently trades at $0.0068.
Monthly performance shows even stronger gains. PUMP’s market cap surged over 90% in the past month to approximately $2.5 billion.
Bitcoin’s rally to $119,500 lifted the broader market. This helped drive inflows into Solana-based tokens like PUMP.
The Chaikin Money Flow indicator stays above zero. This signals net inflows and positive investor demand for the token.
MACD is approaching a bullish crossover. If confirmed, this would validate the current price strength and suggest continued upward momentum.
PUMP faces resistance at $0.0077. Breaking this level could propel the token toward its all-time high of $0.0090.
Failure to break resistance could push prices down to support at $0.0062. A breach of this level would invalidate the current bullish setup.
Trading Activity Shows Mixed Signals
Trading volume dropped nearly 30% to $466.8 million. This indicates cooling activity in futures markets despite the price rally.
Open interest reached $190 million on derivatives platforms. Rising open interest with falling volume suggests traders are holding positions rather than closing them.
Binance data shows a long-to-short ratio of 0.98. This reflects balanced sentiment between bulls and bears.
PUMP traded above $0.0072 earlier in the session before settling near current levels. The token is up approximately 1% intraday at $0.00707.
