‘I just bought SOL’ — Arthur Hayes after Solana price rebounds 500%
Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market recovers.
Auto Added by WPeMatico
Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market recovers.
SOL price gained 75% in the past two months, but technical analysis suggests it could be an elaborate bull trap.
Solana is tailing broader crypto market trends while battling concerns about repeated network outages and centralization.
The bear flag setup for SOL price could result in another interim relief rally amid macro headwinds.
SOL's bear flag setup sees its price declining to $21 by September 2022.
SOL's interim upside target is near $47, up about 20% from its current price.
DeFi contagion fears and bearish technicals mean additional downside pressure on Solana price.
Network outages and decreasing smart contract reserves add further downside pressure to SOL price.
Solana, terra and avalanche were all lower on Friday, as market uncertainty impacted all major cryptocurrencies. This came as several of the big ten all fell into multi-week lows versus…