‘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.
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Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market recovers.
The price of Solana has plunged as the market fears a large FTX sell-off, however, it seems unlikely that the now-defunct exchange will dump all of its holdings at once.
More bearish cues for SOL comes from a bull flag setup that's now breaking to the downside.
Recently, death crosses between the 50-day and 200-day exponential moving averages have acted as a reliable predictors of bottoms.
The Grayscale Solana Trust would allow high-net-worth and institutional investors to gain indirect exposures to the yearlong bullish SOL market.
SOL price reached another record high on Nov. 7, bringing its YTD gains up by roughly 17,500%.
Solana price rallied to a new record high while SOL entered the top-five cryptocurrencies by market cap for the first time.
Solana's latest price rally comes in the wake of new Bitcoin all-time highs above $65,000.
Bitcoin markets are getting slowly cleansed of irrational exuberance with a classic drawdown towards $60,000.
SOL has been forming a Bull Pennant following its 14,200% year-to-date price rally.