Originally published on: November 02, 2023
Former BitMEX CEO, Arthur Hayes, recently shocked the crypto world by revealing his bold move of purchasing Solana’s SOL at its peak price. Despite calling it a “Sam-coin meme,” Hayes expressed his excitement over the price surge and his belief in the cryptocurrency.
Hayes’ decision to buy SOL came after the digital asset had already surged by an impressive 500% from its low point in December 2022. This move coincided with predictions from top analysts like VanEck, who foresee a massive 10,600% price increase for SOL by 2030.
Moreover, industry experts like FieryTrading are eyeing a potential 150% surge in SOL once it breaks the $38 resistance level. With SOL’s recent 80% price uptick in October 2023, hitting a 14-month high of $46.75, Hayes seems to have timed his purchase perfectly.
However, despite the bullish sentiment surrounding Solana, technical indicators are signaling a possible 30% price correction in November. SOL’s overbought RSI levels and historical fractal patterns suggest a looming downturn, possibly targeting the $30.25 support level.
Should SOL face a bearish scenario, Hayes and other investors might have to brace for a drop to the $26 mark, around 37.50% lower than current prices. This critical level has historically acted as crucial support for Solana, indicating a make-or-break situation for the cryptocurrency.
It’s important to note that this article does not serve as investment advice. Investors are advised to conduct their own research and consider the risks involved before making any financial decisions.
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