After FTX’s devastating collapse and subsequent court and bankruptcy battles, convicted founder Sam Bankman Freed’s favorite digital asset, Solana (SOL), is doomed or gone some people declared. However, Arthur Hayes, former CEO of BitMEX, recently put the spotlight on blockchain, suggesting that it is on a promising trajectory even in volatile market conditions. ing.
“Maybe it’s time to get back on the train,” he said. tweeted, shares the chart of Solana’s price movement. “Maybe after the turmoil at some US banks this weekend.” The tweet had more than 1,100 likes in the hours after it was posted.
As the co-founder of BitMEX, which weathered the turbulent 2017 bull market and 2018 crypto winter, Hayes’ market predictions are gaining attention in the crypto community.
earlier this week he wrote an essay Assuming a potential fall in Bitcoin, we are looking for a drop in the $30,000 to $35,000 range. He said he decided to sell some tokens to prevent further losses.
“I also exited my trading positions in Solana and Bonk at a small loss,” he said. He also said he purchased $35,000 in strike puts, reserving the right to buy at a specific price.
Hayes said that as soon as Bitcoin begins its recovery journey, he intends to load up on altcoins first, and the purchase of Solana will be a big part of that.
“If my base case comes true, I would start bottom fishing when Bitcoin falls below $35,000,” he said. “Loading Solana and $WIF.”
Solana’s recent market dance
Solana’s journey since October 2023 was emblematic of the crypto market’s notorious volatility. From a modest valuation of $21.90 at the time, SOL experienced a bullish surge, reaching an impressive peak of $125.97 by Christmas. However, a price correction occurred at the dawn of the new year, and on January 23rd, the value of the token dropped to $78.14.
Despite these fluctuations, Solana has shown remarkable resilience, overcoming a temporary price drop and gradually recovering to its current price of $96.52.
Although the trend has lost momentum since January’s selloff, prices are still above the past 10-day and 55-day averages, which is seen by traders as a bullish signal. If Arthur’s bullish view comes true, SOL could be headed toward testing January’s highs around $110-$120.
Bitcoin is currently hovering around $42,300, and the cryptocurrency community is buzzing with speculation about the future of the most important altcoin. The risks are higher, but at the end of the day, bullish periods tend to produce better results.
Mr. Hayes previous comment In Solana, his current predictions have become even more reliable ahead of an impressive rise to triple digits.
Edited by Ryan Ozawa.