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Arthur Hayes celebrates 500% rebound in Solana price with recent purchase of SOL tokens

Arthur Hayes celebrates 500% rebound in Solana price with recent purchase of SOL tokens

Arthur Hayes faces potential short-term losses on his purchase of Solana’s SOL cryptocurrency, but the long-term outlook appears promising as the market recovers.

Hayes admitted to buying SOL at its possible local top, emphasizing his bullish stance on the cryptocurrency.

SOL’s price has rallied 500% in the past 11 months, with Hayes purchasing it after it had already rebounded from its market bottom.

VanEck predicts a 10,600% price rally for SOL by 2030, citing Solana’s potential to capture market share from Ethereum.

An analyst predicts a 150% increase for SOL once it breaks resistance at $38.

SOL’s price gained 80% in October 2023 and reached a 14-month high of around $46.75.

Technical and fundamental signals suggest a potential 30% price drop for SOL in November.

SOL’s overbought RSI levels indicate a correction or consolidation may be imminent.

A fractal analysis shows that overbought RSIs have preceded 35%-50% price corrections for SOL throughout 2023.

If a bear scenario occurs, the next downside target for SOL is around $30.25, a 30% decrease from current prices.

This level coincides with SOL’s 200-3D EMA and breaking below it could lead to a test of the cryptocurrency’s ascending trendline support near $26.

Headline: Hayes Faces Short-Term Losses on Solana Buy-In, Long-Term Upside Promising as Market Recovers

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