Supported by a spike in volatility, the Solana worth has skyrocketed from its yearly lows into a brand new excessive. The bullish momentum left some gamers in disbelief, whereas others capitulated to the value motion and tried to seize a number of the income.

As of this writing, SOL trades at $40 with sideways motion within the final 24 hours. Over the earlier week, the cryptocurrency recorded a 30% revenue, however the month-to-month chart noticed a 70% enhance, whereas different tokens hardly noticed double-digit good points.

Solana Rally Adjustments Arthur Hayes’ Thoughts

SOL’s latest bullish worth motion is much more spectacular when contemplating increased timeframes. On the finish of 2022, because of the collapse of its most outstanding supporter crypto change, FTX, the cryptocurrency misplaced virtually all its yearly income.

Throughout the 2021 bull run, Solana climbed to an all-time excessive of round $250. Within the final days of FTX and Sam Bankman Fried (SBF), the cryptocurrency declined beneath $10. Now that the token approaches the $50 mark, critics like the previous CEO of crypto change BitMEX, Arthur Hayes, have reconsidered their place.

Hayes has been vocal about its stance relating to FTX, Bankman-Fried, and the opposite bankrupted firms in 2022 and the tokens related to these entities. Nevertheless, relating to SOL, the BitMEX Co-Founder said:

Fam I’ve one thing embarrassing I have to admit. I simply bot $SOL, I do know its a Sam-coin piece of dogshit L1 that at this level is only a meme. However it’s going up, and I’m a degen. Let’s Fucking Go!

Arthur Hayes Expects Additional Beneficial properties

The previous BitMEX CEO has publicly expressed his place relating to Bitcoin’s potential to achieve new all-time highs. A rally within the primary cryptocurrency would inevitably spill over to Solana.

As NewsBTC reported, in an in depth evaluation, Hayes highlighted the intricate connection between world monetary developments and Bitcoin’s future, emphasizing the affect of presidency insurance policies and monetary disturbances on funding methods.

The previous BitMEX CEO anticipates a interval of market turbulence, with Bitcoin’s worth chopping round $25,000 to $30,000, pushed by destructive actual charges and a shift in the direction of diversified funding portfolios. This, he believes, will significantly favor cryptocurrencies, resembling Solana.

Trying forward, Hayes tasks a bullish development for Bitcoin, estimating its worth may attain roughly $70,000 by the top of 2024, influenced by the Bitcoin Halving occasion and potential Trade Traded Fund (ETF) launches. His long-term imaginative and prescient extends even additional, predicting a rare monetary growth throughout numerous markets, doubtlessly driving Bitcoin’s worth between $750,000 and $1,000,000 by 2026.

This optimistic forecast is rooted in his perception that main monetary indices, just like the NASDAQ and S&P, alongside different important belongings, will expertise unprecedented progress, marking a historic growth within the monetary markets.

On a associated observe, Hayes additionally speculated {that a} return to aggressive cash printing methods by the US Federal Reserve may act as a considerable catalyst for Bitcoin’s ascent, additional fueling the anticipated monetary euphoria.

Cowl picture from Unsplash, chart from Tradingview