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.
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.
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.
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.
