Arthur Hayes, the former CEO of BitMEX, has admitted to buying Solana’s SOL cryptocurrency at its possible local top, despite its reputation as a meme coin. SOL has already rallied 500% in the past 11 months and recently reached a 14-month high of around $46.75. Hayes expects the price to continue rising in the coming weeks, but technical and fundamental signals suggest a potential 30% price drop in November. If this bear scenario occurs, the next downside target for SOL could be around $30.25, down about 30% from current prices. This level coincides with SOL’s 200-3D exponential moving average and a break below it could lead to a test of the cryptocurrency’s ascending trendline support near $26.
Summary:
– Arthur Hayes has admitted to buying SOL at its possible local top, despite its previous rally.
– SOL has already gained 500% in the past 11 months and recently reached a 14-month high.
– Technical and fundamental signals suggest a potential 30% price drop in November.
– The next downside target for SOL could be around $30.25, down about 30% from current prices.
– A break below this level could lead to a test of SOL’s ascending trendline support near $26.