Arthur Hayes Predicts Epic Solana (SOL) Price Rally If This Happens
The post Arthur Hayes Predicts Epic Solana (SOL) Price Rally If This Happens appeared first on Coinpedia Fintech News
BitMEX founder, Arthur Hayes, shared insights on X about Bitcoin’s potential rally amidst challenges faced by New York Community Bancorp ($NYCB) and the banking sector. Hayes linked the complex relationship between traditional finance and cryptocurrencies, signaling potential impacts on Solana’s value.
Good time to invest in Solana? Let’s Find out the analyst’s bullish outlook on Solana’s price trajectory.
Key Investment Shift
In a recent post on X, Arthur Hayes, known for accurate predictions, has once again spotlighted Solana (SOL) as a standout investment during the altcoin season. This time, he anticipates an impressive rally in SOL’s price, linking it to a potential banking crisis.
Observing recent events in the U.S. banking sector, particularly a notable 40% drop in New York Community Bancorp’s stock, reminiscent of the March 2023 banking crisis, Hayes speculates that the Federal Reserve might inject liquidity, triggering a broad market rally, especially in crypto.
Joining the dots from the past, Hayes hints at a potential repetition of the Federal Reserve’s strategy to stabilize the market from inflation. Notably, he had previously expressed optimism about Solana when its token, SOL, was valued at $60.
His accurate forecast of a surge to $100 adds weight to his current prediction. Investors are now closely watching Hayes’ latest insights, considering the possibility of history repeating itself in Solana’s future price movements.
Taking a closer look
Recently, Solana has gained attention as it outperforms other top 10 cryptos, experiencing a recent 7.08% and a notable 28% weekly increase.
Currently the fifth largest crypto with a $45 billion market cap and a $2.9 billion 24-hour trading volume, its surge is credited to on-chain advancements. Notably, Solana’s price rose by 78% from December 18 to 24, 2023, breaking the $78 barrier and confirming it as a support floor on January 22.
However, the present trend suggests a potential cooldown, with indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) returning to mean levels.
This could prompt a retest of the $78 support, signaling a potential uptrend, targeting $133 and reflecting a 70% gain from the $78 support level, aligning with historical patterns between November 2021 and December 2022.