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