Former CEO of the crypto exchange BitMEX, Arthur Hayes, admitted to buying SOL, the native token of the Solana blockchain network. He also highlighted the positive outlook for this cryptocurrency. Hayes made this purchase after SOL had already surged by 500% from its low of around $8 in December 2022.
Comment from a Prominent Figure on Solana
This occurred shortly after VanEck, a prominent asset management firm managing $76.4 billion in crypto assets, projected a remarkable 10,600% price increase for SOL by 2030. They emphasized Solana’s potential to compete with Ethereum, its main rival, and gain a significant market share.
Furthermore, an analyst from FieryTrading predicted a 150% increase in Solana’s price once it broke through the $38 resistance level. Solana had already seen an 80% increase in October and had recently reached $46.75, marking its highest price point in 14 months.
As per Hayes’ statement, he purchased SOL at approximately $46.75. He expects that the price will continue to climb in the coming weeks, and he attributes this bullish outlook to the ongoing scalability efforts being made on the Solana network.
What are the Expectations for SOL in November?
Despite recent positive trends, there are signs that Solana’s price may drop by around 30% in November. One reason for this is that Solana’s daily relative strength index (RSI), which measures momentum, has reached its highest overbought levels since January 2023.
An overbought RSI often indicates a potential need for a correction or consolidation in the asset’s price. In Solana’s case, this suggests a significant correction in November, especially when looking at past patterns. Historical data shows that when the RSI reaches such high levels, Solana’s price has corrected by 35% to 50% in 2023.
If this pattern repeats, Solana’s price could drop to around $30.25, which is about 30% lower than its current level. This support level has been significant between June 2022 and November 2022.