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

cointelegraph.com:

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.

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!

Hayes’ self-admitted SOL purchase occurred after it had already rebounded 500% from its market bottom near $8 in December 2022.

In addition, the purchase came days after VanEck, an asset management firm supervising $76.4 billion worth of assets, predicted 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.

In addition, an analyst from FieryTrading predicted that once Solana breaks the resistance at $38, it could be headed for another 150% increase.

In October 2023 alone, SOL price gained an impressive 80% and recently reached its 14-month high of around $46.75. 

Hayes appeared to have bought SOL around the same $46.75 level. He expects the price to continue rising in the coming weeks, perhaps drawing his “degen” cues from Solana’s ongoing scalability efforts.

However, technical and fundamental signals are warning of a potential 30% price drop in November.

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.

In SOL’s case, the possibility of undergoing a sharp correction in November looks more likely. That is primarily due to a fractal