Solana

Arthur

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 Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market recovers.
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<div class="cointelegraph">
 <p>Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has “admitted” to buying Solana’s SOL (SOL) at its possible local top, stressing his bullish outlook for the cryptocurrency.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Fam I have something embarrassing I must admit.<br><br>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.<br><br>Let's Fucking Go!</p>— Arthur Hayes (@CryptoHayes) November 2, 2023
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 <h2 id="sol-s-price-has-rallied-500-in-11-months">SOL’s price has rallied 500% in 11 months</h2>
 <p>Hayes’ self-admitted SOL purchase occurred after it had already rebounded 500% from its market bottom near $8 in December 2022.</p>
 <p>In addition, the purchase came days after VanEck, an asset management firm supervising $76.4 billion worth of assets,&nbsp;predicted&nbsp;a 10,600% SOL price rally by 2030, citing Solana’s ability to capture the market share of its top layer-1 blockchain rival, Ethereum.</p>
 <p>In addition, an analyst from FieryTrading predicted that once Solana breaks the resistance at $38, it could be headed for another 150% increase.</p>
 <p>In October 2023 alone, SOL price gained an impressive 80% and recently reached its 14-month high of around $46.75.&nbsp;</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/02/f5987aee9a72470413fef00c5aa8ecab.webp">
  <figcaption style="text-align: center;"><em>SOL/USD year-to-date price performance. Source: TradingView</em>
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 <p>Hayes appeared to have <a rel="noopener noreferrer nofollow" title="bought" href="https://thebittimes.com/tag/bought.html">bought</a> SOL around the same $46.75 level. He expects the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> to continue rising in the coming weeks, perhaps drawing his “degen” cues from Solana’s ongoing scalability efforts.</p>
 <h2 id="solana-most-overbought-since-january">Solana most “overbought” since January</h2>
 <p>However, technical and fundamental signals are warning of a potential 30% price drop in November.</p>
 <p>Notably, SOL’s relentless uptrend in recent months has pushed its daily relative strength index (RSI), a momentum indicator, to its most overbought levels since January 2023. From a technical standpoint, overbought RSI readings prompt the underlying assets to correct or consolidate.</p>
 <p>In SOL’s case, the possibility of undergoing a sharp correction in November looks more likely. That is primarily due to a fractal <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, which shows SOL’s over<a rel="noopener noreferrer nofollow" title="bought" href="https://thebittimes.com/tag/bought.html">bought</a> RSIs preceding 35%–50% <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> corrections throughout 2023, as shown below.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/02/2478a1f44cc60c45c0652123862f3a29.webp">
  <figcaption style="text-align: center;"><em>SOL/USD daily price chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p>If this bear scenario happens, the next downside target appears to be around its June–November 2022 support level near $30.25, down about 30% from current prices.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/02/428b1ac0ba6a4032ae5ae4e9eec6cb19.webp">
  <figcaption style="text-align: center;"><em>SOL/USD three-day price chart. Source: TradingView</em>
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 <p>Interestingly, this level coincides with SOL’s 200-3D exponential moving average (200-3D EMA; the blue wave in the chart above). A break below it could have SOL bears test the cryptocurrency’s ascending trendline support near $26 as their next downside target.</p>
 <p><strong><em>Related:&nbsp;FTX and Alameda Research wallets send $13.1M in crypto to exchanges overnight</em></strong></p>
 <p>The $26 target, down about 37.50% from current price levels, was instrumental in capping SOL’s downside attempts in June 2022.&nbsp;</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/i-just-bought-sol-arthur-hayes-after-solana-price-rebounds-500-tbt68835.html">https://thebittimes.com/i-just-bought-sol-arthur-hayes-after-solana-price-rebounds-500-tbt68835.html</a></p>

‘I just bought SOL’ — Arthur Hayes after Solana price rebounds 500%

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