2 November 2023
Supported by a spike in volatility, the Solana price has skyrocketed from its yearly lows into a new high. The bullish momentum left some players in disbelief, while others capitulated to the price action and tried to capture some of the profits.
As of this writing, SOL trades at $40 with sideways movement in the last 24 hours. Over the previous week, the cryptocurrency recorded a 30% profit, but the monthly chart saw a 70% increase, while other tokens hardly saw double-digit gains.
Solana Rally Changes Arthur Hayes’ Mind
SOL’s recent bullish price action is even more impressive when considering higher timeframes. At the end of 2022, due to the collapse of its most prominent supporter crypto exchange, FTX, the cryptocurrency lost almost all its yearly profits.
During the 2021 bull run, Solana climbed to an all-time high of around $250. In the last days of FTX and Sam Bankman Fried (SBF), the cryptocurrency declined below $10. Now that the token approaches the $50 mark, critics like the former CEO of crypto exchange BitMEX, Arthur Hayes, have reconsidered their position.
Hayes has been vocal about its stance regarding FTX, Bankman-Fried, and the other bankrupted companies in 2022 and the tokens associated with these entities. However, regarding SOL, the BitMEX Co-Founder said:
Fam I have something embarrassing I must admit. I just bot $SOL, I know its a Sam-coin piece of dogshit L1 that at this point is just a meme. But it is going up, and I’m a degen. Let’s Fucking Go!
Arthur Hayes Expects Further Gains
The former BitMEX CEO has publicly expressed his position regarding Bitcoin’s potential to reach new all-time highs. A rally in the number one cryptocurrency would inevitably spill over to Solana.
As NewsBTC reported, in a detailed analysis, Hayes highlighted the intricate connection between global financial trends and Bitcoin’s future, emphasizing the influence of government policies and financial disturbances on investment strategies.
The former BitMEX CEO anticipates a period of market turbulence, with Bitcoin’s value chopping around $25,000 to $30,000, driven by negative real rates and a shift towards diversified investment portfolios. This, he believes, will particularly favor cryptocurrencies, such as Solana.
Looking ahead, Hayes projects a bullish trend for Bitcoin, estimating its value could reach approximately $70,000 by the end of 2024, influenced by the Bitcoin Halving event and potential Exchange Traded Fund (ETF) launches. His long-term vision extends even further, predicting an extraordinary financial boom across various markets, potentially driving Bitcoin’s value between $750,000 and $1,000,000 by 2026.
This optimistic forecast is rooted in his belief that major financial indices, like the NASDAQ and S&P, alongside other significant assets, will experience unprecedented growth, marking a historic boom in the financial markets.
On a related note, Hayes also speculated that a return to aggressive money printing strategies by the US Federal Reserve could act as a substantial catalyst for Bitcoin’s ascent, further fueling the anticipated financial euphoria.
Cover image from Unsplash, chart from Tradingview