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Solana is on the Verge of a Bullish Rally, Predicts Arthur Hayes

Former BitMEX CEO Arthur Hayes predicts a bullish rally for Solana (SOL) amidst recent market dynamics and whale movements.
Solana is on the Verge of a Bullish Rally, Predicts Arthur Hayes

Highlights

  • Former BitMEX CEO Arthur Hayes bullish on Solana (SOL), highlighting its potential amid banking turmoil.
  • High-volume Solana trades spark interest as the crypto market shows signs of resilience.
  • Long-term confidence in Solana (SOL) confirmed with major investor moves and market recovery.

Under the shadow of banking sector fiascos and cryptocurrency market swings, Arthur Hayes, former CEO of BitMEX, has pointed out Solana (SOL) while driving attention to a potential bullish rally for the crypto. Following the rocky history, particularly since the FTX disaster that Solana had faced, Hayes’ recent commentary brings a wave of fresh hope into the crypto community about the possibilities of SOL’s future.

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Solana’s Price Trajectory Sparks Interest

In a recent update, Hayes, through his social media accounts, hinted that he is bullish on Solana and shared a chart depicting cryptocurrency’s price movements. His post, which was rapidly gaining momentum, proposes a tactical approach to restarting the Solana market, particularly in light of possible turmoil in the U.S. banking system. 

This sentiment comes in the aftermath of Hayes’ candid disclosures on his previous market positions, including a momentary retreat from Solana and Bitcoin as he anticipated imminent bearishness.

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Market Dynamics and Whale Movements

Solana has had a rough market, with its value seeing some pretty high mounts and low dips over the past few months. Starting from a modest position in October 2023, SOL shot to impressive highs by Christmas but corrected with the coming of the new year. However, the digital currency has proven to be resilient in following a path that indicates the possibility of recovery and growth.

On the other hand, the latest high-volume trades related to Solana have only added more fuel to the rumors about its price trend. Of interest is a huge movement of 659,283 SOL between unknown wallets, which has left the community scratching its heads on how it will affect SOL prices.

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Long-Term Confidence in Solana

Moreover, a major shift of 150,000 SOL from a Bybit exchange wallet to an unknown address indicates bullish sentiments among large-scale investors, which confirms long-term confidence in the Solana project. This behavior is consistent with Hayes’ view that indicates a gradual increase in confidence in the asset’s potential to rise.

In addition, the Solana (SOL) market has recovered following a bearish rally in the last 24 hours after establishing support at the intra-day low of $93.26. At press time, SOL was trading at $97.86, a 1.09% surge from the support level. Concurrently, SOL’s market capitalization surged to $42,671,753,401 despite a dip in trading volume by 22% to $3,044,759,820.

Read Also: AI News: Market Bullish on Microsoft’s AI Sway and Ability to Monetize It

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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